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#194754 - 05/27/04 04:22 PM HMDA -- Temporary Loans
yy2say Offline
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yy2say
Joined: Apr 2002
Posts: 279
PA
Just a quick question (maybe) ...I have a loan that is secured by a dwelling (initial purpose was for debt consolidation). We are refinancing the loan with two loans and both loans are secured by the dwelling. The first loan is a 3 year balloon (HMDA reportable). The second loan is a LOC (not revolving) that matures in 1 year. Is the second loan HMDA reportable or would it be considered a temporary loan?
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Lending Compliance
#194755 - 05/27/04 04:58 PM Re: HMDA -- Temporary Loans
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Reportable. It's short term not temporary.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#194756 - 05/28/04 08:31 PM Re: HMDA -- Temporary Loans
Anonymous
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What if the institution opts not to report lines of credit?

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#194757 - 05/28/04 08:38 PM Re: HMDA -- Temporary Loans
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Quote:

What if the institution opts not to report lines of credit?



If the new loan is a LOC it would not be reportable if you do not report LOCs.
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The opinions expressed are mine and they are not to be taken as legal advice.

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