I just read the question below on BankersOnline Weekly and am confused? I thought refi's were only HMDA reportable when the both the new loan and the existing loan were with the same lender? Am I confused - again!


Question: I have a loan that appears to be a HMDA reportable Refinance, but not sure because we are not able to verify that the loan we are paying off was dwelling secured. The loan being paid off is with another institution. Should we report as a refinance?
Answer: You shouldn't report unless you know for sure. However, I wouldn't just drop it. I would ask and find out. I would think the borrower would be able to tell you.

A refinance is any dwelling secured obligation that satisfies and replaces an existing dwelling secured obligation to the same borrower.

[quote=Confused Again]I just read the question below on BankersOnline Weekly and am confused? I thought refi's were only HMDA reportable when the both the new loan and the existing loan were with the same lender? Am I confused - again! Very much so, unfortunately. HMDA reporting is based on the applicant/borrower, not the bank. See Dan's answer above.

Question: I have a loan that appears to be a HMDA reportable Refinance, but not sure because we are not able to verify that the loan we are paying off was dwelling secured. The loan being paid off is with another institution. Should we report as a refinance?
Answer: You shouldn't report unless you know for sure. However, I wouldn't just drop it. I would ask and find out. I would think the borrower would be able to tell you.

Further, while I hate to disagree with David, if you had any kind of title search done, as most banks do when doing a mortgage, you would see if the other loan was dwelling secured or not.

What if the same borrower is refinancing an existing loan (paying out the old loan and replace with a new loan with the same collateral) but the co-borrower on the existing loan is not on the new loan? Haven't been about to find anything about it being the same borrower but dropping a co-borrower? Is it HMDA reportable as refinancing?

It's still a refinance for HMDA.
Reg C doesn't say "to ALL the same borrower(s)" but rather to the same borrower.