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#2130572 - 05/16/17 01:19 PM Re: HMDA Clarification David Dickinson
rlcarey Online
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Galveston, TX
No - not currently

Refinancing means a new obligation that satisfies and replaces an existing obligation by the same borrower, in which:

(1) For coverage purposes, the existing obligation is a home purchase loan (as determined by the lender, for example, by reference to available documents; or as stated by the applicant), and both the existing obligation and the new obligation are secured by first liens on dwellings; and

(2) For reporting purposes, both the existing obligation and the new obligation are secured by liens on dwellings.
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#2130579 - 05/16/17 01:32 PM Re: HMDA Clarification rlcarey
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The borrower is the same. Please clarify.

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#2130585 - 05/16/17 02:01 PM Re: HMDA Clarification David Dickinson
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The customer has a loan at ABC bank that is secured by a 1-4 family dwelling. . . . . .The same customer has approached our bank seeking to refinance this loan.

If the new loan is also dwelling secured it would be a reportable refinancing.
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#2130600 - 05/16/17 03:00 PM Re: HMDA Clarification David Dickinson
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the existing obligation is a home purchase loan (as determined by the lender, for example, by reference to available documents; or as stated by the applicant),

They said the original loan was to buy equipment. So, under current definitions, it would not be reportable as a refinance as they have knowledge that the existing obligation has nothing to do with the purchase of the house..
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#2130606 - 05/16/17 03:20 PM Re: HMDA Clarification David Dickinson
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OK
I'm not following Randy.....under current rules (and my understanding of those rules), a dwelling-secured loan that satisfies and replaces another dwelling-secured loan that was to fund a vacation to Hawaii or any other purpose is reportable.
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#2130608 - 05/16/17 03:20 PM Re: HMDA Clarification David Dickinson
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This section of the regulation you cited determines if the FI is covered under Reg. C:

(1) For coverage purposes, the existing obligation is a home purchase loan (as determined by the lender, for example, by reference to available documents; or as stated by the applicant), and both the existing obligation and the new obligation are secured by first liens on dwellings; and

If they are covered this section of your cite determines if the loan is reportable as a refinancing:

(2) For reporting purposes, both the existing obligation and the new obligation are secured by liens on dwellings.


The existing loan is dwelling secured. If the new loan is also dwelling secured and to the same borrower it is a reportable refinancing if the FI is a covered institution.
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#2130609 - 05/16/17 03:25 PM Re: HMDA Clarification David Dickinson
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Oh duh - thanks Dan - headed to coffee pot........
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#2130612 - 05/16/17 03:32 PM Re: HMDA Clarification David Dickinson
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Pour me a cup?
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#2130640 - 05/16/17 05:15 PM Re: HMDA Clarification David Dickinson
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I just want to sympathize with Randy - keeping 2 sets of rules in my head the last several months (and 7 more to go) is hard.
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#2130656 - 05/16/17 06:13 PM Re: HMDA Clarification David Dickinson
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This is why BOL is more needed, more important, more helpful, than ever before! smile
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