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#788841 - 08/03/07 03:08 PM filing HMDA loans
Relax Offline
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Joined: Jul 2007
Posts: 571
We are new to HMDA and would like some ideas from other institutions on how they are filing their HMDA loans. Are you completely seperating them to another area or are you color coding them?etc.. Any ideas are greatly appreciated.
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#788857 - 08/03/07 03:18 PM Re: filing HMDA loans Relax
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Are you referring to all loans or just non-dwelling secured loans that are for home improvement?

We do not file our files any differently than a non HMDA loan. To recognize the loans we use "purpose codes". All loans with a code of 140 are subject to reporting, etc. So we can pull a report on these codes if we need to pull the files. We also enter them to the LAR using the account number, so we can also pull from the LAR by account number.

We do not classify any non-dwelling secured loan as home improvement loans and we do not report them on the LAR. If you want to identify the home improvement loans you can use color file jackets, file them in a separate area or use purpose codes.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#788880 - 08/03/07 03:27 PM Re: filing HMDA loans Dan Persfull
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I am referring to all HMDA loans. We were informed by another bank that we needed to file them in a as to identify and seperate them from the others.
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"I like a little rebellion now and then. It is like a storm in the atmosphere." -Thomas Jefferson

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#788944 - 08/03/07 03:51 PM Re: filing HMDA loans Relax
#12 Offline
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Posts: 1,343
We've never filed our HMDA loans separately (at either of the two banks I've worked for), and I've never heard of such a thing either!
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#788960 - 08/03/07 03:57 PM Re: filing HMDA loans #12
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
I have never heard of such a practice either. However, if they have system limitations and cannot identify the HMDA loans through their system or other means then this may be the way they identify the files. But they still should have their LAR entries to pull from.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#788965 - 08/03/07 04:01 PM Re: filing HMDA loans Dan Persfull
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Joined: Jul 2007
Posts: 571
Thanks for the clarification. We were a little puzzled as well when someone told us they had to be completely seperated. Thanks again.
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"I like a little rebellion now and then. It is like a storm in the atmosphere." -Thomas Jefferson

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