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#849774 - 11/06/07 05:12 PM 2nd Mortgage
mstark Offline
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mstark
Joined: Mar 2006
Posts: 336
Bank
We are taking a second mortgage on a dwelling we do not have a first on do we report HMDA?
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#849777 - 11/06/07 05:16 PM Re: 2nd Mortgage mstark
#12 Online
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Joined: Jun 2005
Posts: 1,338
If funds were used to purchase, refinance, or improve a dwelling, yes.
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#849801 - 11/06/07 06:00 PM Re: 2nd Mortgage #12
mstark Offline
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mstark
Joined: Mar 2006
Posts: 336
Bank
What just 25% of the funds were used to pay for improvements and the other 75% were used to pay off unsecured loans.
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#849804 - 11/06/07 06:02 PM Re: 2nd Mortgage mstark
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,964
TN
It is considered a home improvement loan and therefore HMDA reportable. It doesn't matter the breakdown of the funds. If any amount is used for improvements, refinance or purchase the loan becomes reportable.
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#850067 - 11/06/07 09:08 PM Re: 2nd Mortgage Skittles
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,016
Bloomington, IN
Quote:
If any amount is used for improvements, refinance or purchase the loan becomes reportable.


And to add to this, if a closed end loan, you would report the full amount of the loan not just the portion of the proceeds for improvement, refinance or purchase.
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The opinions expressed are mine and they are not to be taken as legal advice.

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