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#14637 - 04/02/02 07:22 PM HMDA and estate settlement
Rick Tryon Offline
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Rick Tryon
Joined: Mar 2002
Posts: 169
Clinton IN, USA
I need help determining if a loan should be HMDA reported or not. I know when in doubt, report, but Id like another opinion. A customer came in and got a $3,000 unsecured loan to settle the estate of her mother who recently passed away. In settling the estate, the title to real property with a mobile home on it was transferred to the decedents grand daughter. Is this loan reported to HMDA? I say no because the loan was not originated for the purpose of purchasing the property. I say yes because as a result of the payment made from the loan, ownership of a dwelling was transferred.
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Opinions expressed here are mine, not necessarily my employers. This is not legal advice.

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#14638 - 04/02/02 08:52 PM Re: HMDA and estate settlement
CalifDreamin Offline
Diamond Poster
CalifDreamin
Joined: Mar 2002
Posts: 2,228
Far from Calif
It seems to me that the only "unsecured" products that are counted under HMDA are the home improvement loans that are classified by the institution as a home improvement loan. I think that if it is a home purchase or refi, it needs to be secured.
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