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#1394758 - 05/21/10 06:23 PM HMDA
parr04 Offline
Gold Star
Joined: Aug 2004
Posts: 394
oklahoma
Applicant requests an unsecured loan for down payment on purchase of primary residence. Another mortgage company has agreed to do the long term financing if he can get the down payment.

Would the request to borrow the down payment be considered a HMDA reportable transaction even though its unsecured?

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Lending Compliance
#1394761 - 05/21/10 06:27 PM Re: HMDA parr04
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 9,110
OK
No, not reportable. Purchase loans are only reportable if secured by a dwelling.
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