We are doing a loan on bare land. Customer is using the proceeds to build a house, but we are not doing the loan as a construction loan, so he will get the total proceeds advanced immediately at closing. Loan will be on a 3 year balloon initially. Since there is no home on the property at the time of closing, is this HMDA reportable because there will be a home constructed with the proceeds along with his own funds

You have made a permanent loan to purchase/construct a home. You have a reportable home purchase loan.

Question, is the "bare land" worth the loan amount you are going to fund at closing? If not, do you have any more loans like this that I can get?

When doing a resubmission of our Bank's 2004 and 2005 HMDA, I have two loans that had the first signing at the end of 2004 and disbursed on 1/5/05 and 1/4/05. What should be done with these loans?

How do you normally report your action taken date for originated loans? HMDA gives you the option of using either the closing date or the disbursement date, see pages D-11 and D-12 of the GIR.

If you use the closing date these loans will be reported on your 2004 LAR, if you use the disbursement date they will go on your 2005 LAR.

Dan - Thanks for your answer and the directive to GIR - very helpful. Do you know if there are "refiling" fees in the event we initially filed wrong?

Actually - the word "fees" in my previous e-mail is not correct - I should have said "fines." Thank you.

There are no fees/fines for re-submitting. However, depending on the severity of your errors you could possibly be subject to Civil Money Penalties by your Regulator. But normally if you can demostrate a competent working process to identify and correct erros CMPs can be avoided.

Can you direct me to a document that might spell out exactly what CMPs might be?

Reg. C 203.6 refers you to section 305 of the Home Mortgage Disclosure Act which then refers you to section 1818. The CMP would be based on certain tiers of your capitol. At one time I had a link to the tier schedule, but I no longer have it.

Thanks very much for all your help.
Would this be the link you once had to the tier schedule? (matrix)
http://www.fdic.gov/regulations/safety/manual/section14-1.html#part6

You're welcome and no this is not the one I had but it has the same information and then some. Thanks for posting it.