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#2003530 - 03/24/15 02:07 PM temporary loan hmda?
nikki_compliance Offline
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Joined: Mar 2010
Posts: 520
NM
Customer's loan came up for renewal- loan is currently under an Estate and is up for sale loan term will be for one year will HMDA apply?

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#2003533 - 03/24/15 02:10 PM Re: temporary loan hmda? nikki_compliance
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Not temporary financing. It's a short-term loan and is reportable. My opinion only.
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#2003536 - 03/24/15 02:13 PM Re: temporary loan hmda? nikki_compliance
Melissa S Offline
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Melissa S
Joined: Jan 2015
Posts: 374
Maine
How will you be renewing this loan? Through a modification of terms or through a full refinance?

Last edited by Melissa S; 03/24/15 02:19 PM.
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#2003540 - 03/24/15 02:19 PM Re: temporary loan hmda? nikki_compliance
nikki_compliance Offline
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Joined: Mar 2010
Posts: 520
NM
Terms of a full refi.

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#2003541 - 03/24/15 02:22 PM Re: temporary loan hmda? nikki_compliance
Melissa S Offline
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Melissa S
Joined: Jan 2015
Posts: 374
Maine
If you are fully paying off the existing loan and replacing it with a new loan, even short-term, I agree with Swiggles and you have a reportable refi as long as the borrower is the same. My opinion only.
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Expect the worst, hope for the best and you'll never be disappointed.

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#2003542 - 03/24/15 02:24 PM Re: temporary loan hmda? nikki_compliance
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
Does it meet the definition of a refi? Is the borrower the same as the loan being paid off?
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HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
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#2003543 - 03/24/15 02:24 PM Re: temporary loan hmda? nikki_compliance
nikki_compliance Offline
Platinum Poster
Joined: Mar 2010
Posts: 520
NM
Yes it's under an estate (same)

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#2003552 - 03/24/15 02:40 PM Re: temporary loan hmda? nikki_compliance
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
Thanks. Couldn't tell from post if the estate was a new development since original loan.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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