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#2128918 - 05/03/17 01:10 PM What is type of loan HMDA and TRID?
Amandak Offline
Member
Joined: Jul 2013
Posts: 80
Wisconsin
My lender came to me with two scenarios that he currently has with two different customers.

1) Couple is getting a divorce the wife is buying the husband out. For HMDA it is a purchase but what is it for TRID?

2) Another couple in a divorce this time the wife is getting the house but not giving the husband any money. The plan is to do quick claim deed. What would this be in HMDA and TRID?

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#2128929 - 05/03/17 02:07 PM Re: What is type of loan HMDA and TRID? Amandak
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,633
Galveston, TX
1. For TRID it is a refinance as you cannot buy something you already own. For HMDA - banks go either way and pick one and stick to it.

2. What does a quick claim deed have to do with a new loan?
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#2129217 - 05/04/17 04:39 PM Re: What is type of loan HMDA and TRID? rlcarey
Amandak Offline
Member
Joined: Jul 2013
Posts: 80
Wisconsin
Originally Posted By rlcarey
1. For TRID it is a refinance as you cannot buy something you already own. For HMDA - banks go either way and pick one and stick to it.

2. What does a quick claim deed have to do with a new loan?


Could it still be considered a purchase in HMDA considering the husband already signed off on the deed. So then it could be considered a refinance. Be straight with me am look into this to much and it is really know different then the first scenario?

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#2129235 - 05/04/17 05:14 PM Re: What is type of loan HMDA and TRID? Amandak
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
In 2017, HMDA can go either way. In 2018, HMDA clarifies this is a refinance. They both own 100% of the home. They can't purchase it.
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http://www.bankerscompliance.com

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