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BankersOnline.com Forums Dodd-Frank Final Rules Discussions HMDA Overhaul 2018 Multiple Properties?
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#2169367 - 03/21/18 03:20 PM Multiple Properties?
April Parker Offline
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Joined: Oct 2015
Posts: 19
I have a cash out refinance HMDA reportable loan. We took 3 vacant lots and a rental home. The rental home made up most of the collateral value. My question is...how do I correctly report the Property value? If I don't include the lot value, the LTV is way off, but being land only, the lots don't fall under the HMDA definition?

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#2169369 - 03/21/18 03:25 PM Re: Multiple Properties? April Parker
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
You report the value of all properties securing the loan regardless if it is real or personal property.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2169390 - 03/21/18 04:59 PM Re: Multiple Properties? April Parker
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
It could even include a backhoe wink
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My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#2169420 - 03/21/18 06:41 PM Re: Multiple Properties? April Parker
April Parker Offline
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Joined: Oct 2015
Posts: 19
Thank you for the info!

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