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#1501795 - 01/28/11 03:41 PM Reporting of Refinance of Open-end HELOC
Mainiac Offline
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Joined: Nov 2005
Posts: 147
We do not report HELOC loans on our LAR. However, it is my understanding that we should report a closed-end loan secured by a dwelling that was used to pay off an open-end loan secured by a dwelling. Am I correct?

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#1501797 - 01/28/11 03:42 PM Re: Reporting of Refinance of Open-end HELOC Mainiac
hmdagal Offline
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hmdagal
Joined: Dec 2002
Posts: 3,841
Assuming you are cancelling the line, you are correct.

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#1507655 - 02/09/11 08:35 PM Re: Reporting of Refinance of Open-end HELOC hmdagal
BeachGirl Offline
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Joined: Sep 2001
Posts: 206
Myrtle Beach, SC
How about the reverse situation - HELOC was originated and part of proceeds paid off a dwelling secured loan. If not reporting HELOC's would we report as a refi?
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#1507686 - 02/09/11 09:08 PM Re: Reporting of Refinance of Open-end HELOC BeachGirl
SMQ, CRCM Offline
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Joined: Apr 2001
Posts: 4,828
Between the lines
No. Remember you are telling a story of what happened to each HMDA "application" that you received.
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