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#167342 - 03/08/04 09:38 PM HMDA Question
Tesla Offline
Power Poster
Joined: Nov 2003
Posts: 3,726
I hope this is the correct forum. Our bank has decided to NOT report HELOCs. My question is, if the HELOC has a purpose code for a refinance or home improvement do we have to report it or does the blanket "we don't report HELOCs" fly?

Thanks in advance for your thoughts.

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#167343 - 03/08/04 09:40 PM Re: HMDA Question
starfish Offline
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starfish
Joined: Jun 2003
Posts: 416
Seattle
We do not report HELOCs regardless of the purpose. The examiners have never questioned this- the only question they ask is do you report HELOCS....yes or no?

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#167344 - 03/08/04 09:41 PM Re: HMDA Question
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Yes - all HELOC reporting is optional.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#167345 - 03/09/04 06:05 PM Re: HMDA Question
Anonymous
Unregistered

Our bank has chosen not to report any HELOCs. Therefore the purpose or how we code the purpose does not matter. It is not reportable at our bank.

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#167346 - 03/09/04 07:08 PM Re: HMDA Question
Tesla Offline
Power Poster
Joined: Nov 2003
Posts: 3,726
Thanks everyone! As always you have been so helpful!

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