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#2022264 - 06/23/15 07:33 PM 2nd DOT--Reportable or Not??
Catm1991 Offline
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If a customer takes out a 2nd on their loan, and we have the 1st as well, is this loan on the 2nd HMDA reportable?

Thanks.

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#2022267 - 06/23/15 07:36 PM Re: 2nd DOT--Reportable or Not?? Catm1991
Tater Offline
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Depends on purpose. Are you saying they are structruing something like 80/10/10 to buy? In that case, yes, 2nd is also reportable as a purchase loan.
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#2022268 - 06/23/15 07:37 PM Re: 2nd DOT--Reportable or Not?? Catm1991
raitchjay Online
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It would depend on what the purpose behind the loan is, but junior liens are reportable if they have a HMDA reportable purpose and aren't otherwise exempt.
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#2022269 - 06/23/15 07:37 PM Re: 2nd DOT--Reportable or Not?? Catm1991
Skittles Online
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What is the purpose of the second loan? If it's to purchase, refinance or improve residential real estate it may be HMDA reportable.
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#2022274 - 06/23/15 07:42 PM Re: 2nd DOT--Reportable or Not?? Catm1991
Catm1991 Offline
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the purpose of the loan is for upgrades to the home.

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#2022275 - 06/23/15 07:43 PM Re: 2nd DOT--Reportable or Not?? Catm1991
Tater Offline
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Sounds like home improvement funds to me so yes, it would be a reportable transaction.
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#2022278 - 06/23/15 07:50 PM Re: 2nd DOT--Reportable or Not?? Catm1991
Skittles Online
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I agree with Tater.
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#2022279 - 06/23/15 07:51 PM Re: 2nd DOT--Reportable or Not?? Catm1991
raitchjay Online
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I'll be the 3rd Musketeer again and agree with them both. smile
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#2022282 - 06/23/15 07:57 PM Re: 2nd DOT--Reportable or Not?? Catm1991
Catm1991 Offline
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Ok, I thought 2nd's (Subordinate lien) were reportable but I wanted to double check.

So any 2nd DOT is reportable, as long as it's HMDA applicable??

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#2022285 - 06/23/15 07:59 PM Re: 2nd DOT--Reportable or Not?? Catm1991
Tater Offline
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Originally Posted By Catm1991
So any 2nd DOT is reportable, as long as it's HMDA applicable??


Same tests as a first mortgage - purpose driven, yes.
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#2022286 - 06/23/15 07:59 PM Re: 2nd DOT--Reportable or Not?? Catm1991
raitchjay Online
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OK
Correct.
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#2022302 - 06/23/15 08:07 PM Re: 2nd DOT--Reportable or Not?? Catm1991
Kathleen O. Blanchard Offline

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HMDA has nothing that says "if x lien position, do not report".
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#2022306 - 06/23/15 08:11 PM Re: 2nd DOT--Reportable or Not?? Catm1991
Catm1991 Offline
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Thank you so much!

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#2022515 - 06/24/15 02:56 PM Re: 2nd DOT--Reportable or Not?? Catm1991
Rocky P Offline
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We've had home improvments unsecured and secured by other than RE. (One case was a $50K diamond necklace.)
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