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#1896937 - 02/13/14 06:39 PM HMDA or not? unknown if propery was owned or not
Banker Chick Offline
Junior Member
Joined: Jul 2006
Posts: 37
TN
HMDA or not?

Application declined on a commercial R/E loan (purpose of loan was for working capital)to be sucured by 3 known residential properties. It is unknown if the properties were owned free and clear or not. The app was declinded so we did not do a title search.

Would you report this as a declined refinance or not report at all since the bank has no knowledge if there were liens or not...

Thanks for you opinion in advance!
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#1897022 - 02/13/14 07:44 PM Re: HMDA or not? unknown if propery was owned or not Banker Chick
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
Were they planning on refinancing the properties or was it a straight workking capital loan?
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#1897174 - 02/13/14 10:21 PM Re: HMDA or not? unknown if propery was owned or not Skittles
Banker Chick Offline
Junior Member
Joined: Jul 2006
Posts: 37
TN
They were pledging the properties as security for a working capital loan.
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Opinions expressed are my own and do not necessarily reflect those of my employer.

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#1897408 - 02/14/14 04:51 PM Re: HMDA or not? unknown if propery was owned or not Banker Chick
hmdagal Online
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hmdagal
Joined: Dec 2002
Posts: 3,818
If the only purpose of the loan rquest is for working capital, prior liens wouldn't matter. It would not be reportable.

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