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#2190280 - 08/23/18 03:25 PM Property Value
hiphiphmda Offline
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Joined: Mar 2007
Posts: 28
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
RVFlyboy Offline
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Soaring over Georgia
Round to nearest whole dollar. In your example, you'd report 50,500.
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#2190296 - 08/23/18 03:52 PM Re: Property Value hiphiphmda
raitchjay Offline
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Joined: Oct 2009
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OK
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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#2190303 - 08/23/18 03:57 PM Re: Property Value hiphiphmda
David Dickinson Offline
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Central City, NE
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.
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#2190304 - 08/23/18 03:59 PM Re: Property Value hiphiphmda
raitchjay Offline
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OK
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
RVFlyboy Offline
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Soaring over Georgia
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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#2190347 - 08/23/18 05:47 PM Re: Property Value hiphiphmda
raitchjay Offline
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Posts: 8,763
OK
smile Good point Beech....i feel a little better now.
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#2190350 - 08/23/18 05:52 PM Re: Property Value hiphiphmda
raitchjay Offline
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Posts: 8,763
OK
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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#2190359 - 08/23/18 06:00 PM Re: Property Value hiphiphmda
hmdagal Offline
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Joined: Dec 2002
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It doesn't help that the CFPB was making changes up to the last minute so software providers struggled with getting the edits correct. As a result, we can't even rely on the edits.

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#2266764 - 02/23/22 07:00 PM Re: Property Value David Dickinson
Compliance NABW Offline
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Joined: Oct 2015
Posts: 1,616
Originally Posted by David Dickinson
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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