Originally, there was a loan, application dated 11/23/04, that was for 12 month refi of primary residence......we did not code this as HMDA due to the temporary nature. However, this loan has been restructured....no new money, etc.. into a 10 year loan to lower the payments for the borrower. We are going to code this restructuring as refi of primary residence. However, we don't have a new application for this since it was just a restructuring....what date do we use? The new loan is dated 08/28/05

As I understand it, time period has nothing to do with temporary. It's the source of repayment that decides if it's temporary or not. If you search you'll find loads on this.

As far as the 'restructuring' did you do a refi or a modification? The former is reportable and the latter is not.

I'm not sure why the original loan was not subject to HMDA. Assuming the old loan was secured by the dwelling and new one will also be secured by a dwelling and the new loan satisfies & replaces the original loan - the restructured loan is a HMDA loan. Be sure it meets the definition of refinancing in HMDA. Did you update the info on the old application, do a cr check etc? If so, you could use that date as the date of application

Shopgirl, the first loan probably should have been reported. From what you have given us, it doesn't sound like temp financing, just short term.

You need to determine if the loan is being paid off and replaced with a new loan to decide if it will be reported as a refi on your current HMDA.

Let's assume that all information on the original 11/23/04 application is current and no new credit check was done and the new restructed note dated 8/28/05 is going to be reported as refi.....what application date would you use?

By the way......I see where you all are coming from on the original....I agree it should have been reported, but was not........what is one to do?

1. I would use the date that the discussions of the "restructuring" began with the borrower.

2. I would record the issue in my memory bank, discuss it with the appropriate personnel to avoid a future recurrence and go on to the next opportunity. I would not consider refiling the 2004 LAR for one loan.

Thanks Dan......that's the answer I was wanting to hear!