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#53697 - 01/10/03 09:06 PM hmda-question
Anonymous
Unregistered

if you have a loan, solely made for debt consolidation- secured by dwelling. Then you refinance this same loan, purpose same, and secured by dwelling. Is this HMDA reportable. ? Help! thanks

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General Discussion
#53698 - 01/10/03 09:15 PM Re: hmda-question
Angel Eyes Offline
Power Poster
Angel Eyes
Joined: May 2001
Posts: 4,599
It depends...you actually have a choice here but it must be applied constistently.

See page A-9 HMDA Getting It Right
Refinancings (starting page A-8)
c. You MAY report all refinancings of loans secured by one-to-four family residential dwellings, regardless of the purpose of or amount outstanding on the original loan, and regardless of the amount of new money (if any) that is for home purchase or home improvement purposes.


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#53699 - 01/11/03 12:05 AM Re: hmda-question
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Jennifer is exactly right. You can but you don't have to. This was a home equity loan. When it is redone (you called it a refinance), it is still a home equity loan. It is not a purchase money, so I don't like calling it a "refinance."

But, you could. In 2004, you must report it, as the definition of "refinance" changes.
_________________________
David Dickinson
http://www.bankerscompliance.com

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