Skip to content
BOL Conferences
Thread Options
#1507644 - 02/09/11 08:23 PM HMDA
TammyatCFB Offline
New Poster
Joined: May 2010
Posts: 18
When refinacing one loan into two loans secured by a single family residence 1st and 2nd mtg on the same property would both loans be HMDA reportable?

Return to Top
HMDA

   
HMDA Academy
#1507654 - 02/09/11 08:34 PM Re: HMDA TammyatCFB
hmdagal Offline
Power Poster
hmdagal
Joined: Dec 2002
Posts: 3,841
Yes.

Return to Top
#1507704 - 02/09/11 09:26 PM Re: HMDA hmdagal
TammyatCFB Offline
New Poster
Joined: May 2010
Posts: 18
I was thinking you could't report to HMDA on property twice in same year. Does it matter?

Return to Top
#1507726 - 02/09/11 09:37 PM Re: HMDA TammyatCFB
hmdagal Offline
Power Poster
hmdagal
Joined: Dec 2002
Posts: 3,841
That might be true for the CRA small business/small farm LR, but not for HMDA.

Return to Top
#1507736 - 02/09/11 09:41 PM Re: HMDA hmdagal
RR Becca Offline
Power Poster
RR Becca
Joined: Sep 2004
Posts: 5,249
out of the frying pan...
You can't report the same loan number twice in one year. If it's a same-number-new-note refi, you'll have to add something to the number so it doesn't show up as a duplicate. I add "R" (for refi), but anything works as long as you are consistent.
_________________________
You call it ADD. I call it multi-tasking.

Return to Top
#1507836 - 02/10/11 01:39 AM Re: HMDA RR Becca
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,395
Back to the original question, yes you report both the first and second mortgage. Each of them should have their own unique identifying number. You don't combine them both in one file under one number.

See GIR p A-11 under H) for lien status. You'd report the first mortgage as a 1 and the second as a 2. That's how you report on the same property twice on the same LAR.

Return to Top
#1507887 - 02/10/11 01:41 PM Re: HMDA Truffle Royale
RR Becca Offline
Power Poster
RR Becca
Joined: Sep 2004
Posts: 5,249
out of the frying pan...
I missed the part about it being both a 1st and 2nd entirely. crazy In that case....what Truffle said. smile
_________________________
You call it ADD. I call it multi-tasking.

Return to Top

Moderator:  SMQ, CRCM