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#946565 - 04/21/08 04:50 PM HMDA Help
CompDat Offline
Platinum Poster
Joined: Dec 2005
Posts: 553
USA
HELP!

Ok now that I am calm. If a loan is for commercial property but we required the owners to add their personal residence as collateral, it would not be HMDA reportable (does not meet the purpose test).

But, if we refinance that note, it would be. Is this statement accurate? Even though the original purpose was not HMDA reportable.

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Lending Compliance
#946578 - 04/21/08 04:54 PM Re: HMDA Help CompDat
hmdagal Offline
Power Poster
hmdagal
Joined: Dec 2002
Posts: 3,819
You are correct on both counts.

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#946589 - 04/21/08 04:56 PM Re: HMDA Help hmdagal
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
FWIW, I agree.
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David Dickinson
http://www.bankerscompliance.com

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