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#2190280 - 08/23/18 03:25 PM
Property Value
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Junior Member
Joined: Mar 2007
Posts: 28
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We have mobile home loans from time to time that the value could be for example 50,500.48. Would we report the exact value amount or round up or down?
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#2190294 - 08/23/18 03:49 PM
Re: Property Value
hiphiphmda
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Power Poster
Joined: Oct 2000
Posts: 5,991
Soaring over Georgia
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Round to nearest whole dollar. In your example, you'd report 50,500.
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Jim Bedsole, CRCM, CBA, CFSA, CAFP My posts - my opinions
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#2190296 - 08/23/18 03:52 PM
Re: Property Value
hiphiphmda
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Power Poster
Joined: Oct 2009
Posts: 9,088
OK
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Did the TRID 2.0 stuff amend this? Seems like LaserPro has just recently updated to include the ability to type in cents on the property value.
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#2190304 - 08/23/18 03:59 PM
Re: Property Value
hiphiphmda
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Power Poster
Joined: Oct 2009
Posts: 9,088
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Thanks David....(i need some sleep i guess...i don't know why i thought TRID 2.0 would change that for HMDA).
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#2190344 - 08/23/18 05:41 PM
Re: Property Value
hiphiphmda
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Power Poster
Joined: Oct 2000
Posts: 5,991
Soaring over Georgia
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If anyone can keep straight in their head which HMDA fields should include dollars and cents, which should only include dollars but no cents, which should include rounded and truncated dollars (such as income), which should report 0 when there is no information, which should be left blank when there is no information, and which should report NA when there is no information, then they are way smarter than me. I'm just sayin'.
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Jim Bedsole, CRCM, CBA, CFSA, CAFP My posts - my opinions
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#2190347 - 08/23/18 05:47 PM
Re: Property Value
hiphiphmda
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Power Poster
Joined: Oct 2009
Posts: 9,088
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Good point Beech....i feel a little better now.
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#2190350 - 08/23/18 05:52 PM
Re: Property Value
hiphiphmda
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Power Poster
Joined: Oct 2009
Posts: 9,088
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I have a little HMDA 'bible' i made for staff when the changes came down, and i keep it handy every time i review a loan for HMDA....i have to reference it a lot.
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#2266764 - 02/23/22 07:00 PM
Re: Property Value
David Dickinson
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Diamond Poster
Joined: Oct 2015
Posts: 1,668
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Not that I'm aware of. The latest FIG states:
Enter, in dollars, the value of the property securing the covered loan or, in the case of an application, proposed to secure the covered loan, relied on in making the credit decision. Example: If the property value is $350,500, enter 350500. The same wording is used for loan amount, and there is an example of cents being shown. I would think this would be the same for the Property Value field, they just failed to give an example of cents, as, generally an appraisal isn't going to drill down to cents.
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