Thread Options
#485552 - 01/19/06 01:30 PM HMDA Buyout Interest
bgehres Offline
100 Club
Joined: Mar 2005
Posts: 126
Would a loan to buyout a divorced spouse's interest in their primary residence be HMDA reportable. There is a transfer of title. We are also replacing the existing purchase money mortgage. I'm leaning toward reportable but am not sure. Would it be a purchase or refi if so?

Return to Top
Lending Compliance
#485553 - 01/19/06 01:45 PM Re: HMDA Buyout Interest
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,422
Bloomington, IN
Yes these loans are reportable. We report them as refinancings, however some will report as purchases. Just be consistent in which way you report them.

Also remember the spouse buying out the other spouse gets the right to rescind. See the OSC to 226.2(a)(24)(5)(ii).
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top

Moderator:  Andy_Z