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#2193396 - 09/21/18 06:13 PM HMDA & Reverse Mortgages
Anonymous
Unregistered

What do I use for a term for Reverse Mortgages? Looking to calculate the rate spread and there is no set term. Can someone please refer me to guidance on Reverse Mortgages and LAR fields?
Thank you

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#2193413 - 09/21/18 07:12 PM Re: HMDA & Reverse Mortgages Anonymous
Skyline Offline
Platinum Poster
Skyline
Joined: Sep 2005
Posts: 589
Rate spread information is not reported for reverse mortgages, and for reverse mortgages, financial institutions are instructed to report “not applicable” in the rate spread field. For a covered loan or an application without a definite term, such as a reverse mortgage, a financial institution reports that the data point is “not applicable.”
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CRCM, CLBB

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