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#1507644 - 02/09/11 08:23 PM HMDA
TammyatCFB Offline
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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?

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#1507654 - 02/09/11 08:34 PM Re: HMDA TammyatCFB
hmdagal Offline
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Yes.

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#1507704 - 02/09/11 09:26 PM Re: HMDA hmdagal
TammyatCFB Offline
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I was thinking you could't report to HMDA on property twice in same year. Does it matter?

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#1507726 - 02/09/11 09:37 PM Re: HMDA TammyatCFB
hmdagal Offline
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That might be true for the CRA small business/small farm LR, but not for HMDA.

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#1507736 - 02/09/11 09:41 PM Re: HMDA hmdagal
RR Becca Offline
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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.
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#1507836 - 02/10/11 01:39 AM Re: HMDA RR Becca
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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.

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#1507887 - 02/10/11 01:41 PM Re: HMDA Truffle Royale
RR Becca Offline
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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
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