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#143970 - 12/29/03 04:39 PM HMDA-Type of Purchaser
Tom Fridrich Offline
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Tom Fridrich
Joined: Apr 2003
Posts: 180
Omaha, NE
We sell our loans on the secondary market to Wells Fargo, Principal, Suntrust and Washington Mutual. I would classify Wells Fargo, Suntrust and Washington Mutual as #6 (Commercial bank, savings bank or savings association) and Principal as a #7 (Life insurance company, credit union, mortgage bank or finance company). These classifications are based on HMDA 2004. Any different thoughts.
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The opinions I express are my own and not the opinions of my employer.

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Lending Compliance
#143971 - 12/29/03 10:11 PM Re: HMDA-Type of Purchaser
Tillie Offline
Gold Star
Tillie
Joined: Apr 2003
Posts: 266
We were told by Suntrust that they would report all loans sold to them and we would not need to report. Do you know something we don't?

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#143972 - 12/29/03 10:25 PM Re: HMDA-Type of Purchaser
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Who made the loan decision? If you made the loan decision then you would be responsible to report it as an origination and a sold loan. Suntrust would report it as a purchased loan.
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The opinions expressed are mine and they are not to be taken as legal advice.

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