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#191517 - 05/18/04 08:26 PM is this HMDA?
Anonymous
Unregistered

Non HMDA reportable loan renews ... now the purpose is home improvment... if you classify it as home improvement on your system,is it HMDA reportable?

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General Discussion
#191518 - 05/18/04 08:44 PM Re: is this HMDA?
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,464
Bloomington, IN
Yes, but how can a non-HMDA loan go to a HMDA loan if there was no cash out. When a loan "renews", I think of the loan balance and terms being renewed with no new money.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#191519 - 05/18/04 08:49 PM Re: is this HMDA?
Anonymous
Unregistered

There is new money.. new money is about $5,000. Do we report the whole loan amount or just the $5,000? Thanks.

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#191520 - 05/18/04 08:57 PM Re: is this HMDA?
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,464
Bloomington, IN
You report the total amount of the new loan.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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