I have a question about recording the "loan type" for HMDA, particularly, when a loan should be coded a 2-FHA, 3-VA, or 4. I was thinking from sometime back that if we sold the loan "directly" (as opposed to selling to an investor like Chase) to FHA or VA, then, it would be coded as 2 or 3. Can someone clarify for me? Thanks

It's pretty self-explanatory. VA loans are 3. Loans sold to investors like Chase or held in-house are conventional. See GIR p.11

If I'm not getting your question right, please explain.

Would it be possible for a mortgage dept to sell loans to Chase, etc. which are FHA and VA loans, then, they subsequently pool them for sell to FHA/VA? As I understand, our files are still going to the investor and we're not selling "directly" to FHA/VA if that's even possible. I just want to make sure we're reporting correctly. Thanks

Whether or not you sold the loan or who you sold it to has nothing to do with the loan type. For purposes of HMDA reporting, these are the Loan Type codes:

1 - Conventional loans (any loan other than FHA, VA, FSA, or RHS)
2 - FHA loans
3 - VA loans
4 - RSA/Rurual Housing Service loans

The Purchaser Type codes indicate the type of institution that your institution sold the subject loan to (if you sold it). This section has nothing to do with it being a FNMA, FHLMC, FHA, VA loan, or where it eventually ends up.

0 - Loan was not originated or was not sold in calendar year covered by register
1 - Loan sold to FNMA
2 - Loan sold to GNMA
3 - Loan sold to FHLMC
4 - Loan sold to Farmer Mac
5 - Loan sold to private securitization
6 - Loan sold to Commercial bank, savings bank or S&L
7 - Loan sold to life insurance company, credit union, mortgage bank, or finance company
8 - Loan sold to affiliate institution
9 - Loan sold to other type of purchaser

If HMDA is going to be one of your responsibilities, I would suggest that you print a copy of the "HMDA Getting it Right" manual and read it, study it, learn it. This manual will answer just about all of your questions regarding HMDA. Before you know it, you will be an expert on HMDA.

You can get a copy of this manual here:

http://www.ffiec.gov/hmda/default.htm

Thanks for clarifying. I had loan type and purchaser code confused.