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#2045545 - 10/21/15 09:06 PM Missing property address
peony Offline
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peony
Joined: Mar 2013
Posts: 250
Purpose was to purchase investment property but the customer never found the property and the loan ended up being closed for incompleteness so NOA was sent.

Can we report HMDA for this loan as purchase and use 'NA' for property address??

Thanks!
Last edited by peony; 10/21/15 09:15 PM.
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#2045558 - 10/21/15 11:44 PM Re: Missing property address peony
JC (Darth HMDA) Offline
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JC (Darth HMDA)
Joined: Dec 2013
Posts: 1,399
CA
As a property is not yet identified I would consider this a prequel and not HMDA reportable. At this point would not consider this an application.
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The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

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#2045569 - 10/22/15 12:24 PM Re: Missing property address peony
peony Offline
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peony
Joined: Mar 2013
Posts: 250
Even if it was going to be a business purpose loan?

Thanks!

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#2045592 - 10/22/15 01:54 PM Re: Missing property address peony
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Even if it was going to be a business purpose loan?

What would that have to do with HMDA reporting if the transaction was for a home purchase, home improvement or a refinancing?

Pre-qual applications are not reportable.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2045606 - 10/22/15 02:57 PM Re: Missing property address peony
Colorado Girl Offline
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Joined: Mar 2013
Posts: 67
Although, this could still be HMDA reportable if they intended to secure the loan with another dwelling, and the dwelling to be used as collateral was known.

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