Posted By: Anonymous
is this HMDA? - 05/18/04 08:26 PM
Non HMDA reportable loan renews ... now the purpose is home improvment... if you classify it as home improvement on your system,is it HMDA reportable?
Posted By: Dan Persfull
Re: is this HMDA? - 05/18/04 08:44 PM
Yes, but how can a non-HMDA loan go to a HMDA loan if there was no cash out. When a loan "renews", I think of the loan balance and terms being renewed with no new money.
Posted By: Anonymous
Re: is this HMDA? - 05/18/04 08:49 PM
There is new money.. new money is about $5,000. Do we report the whole loan amount or just the $5,000? Thanks.
Posted By: Dan Persfull
Re: is this HMDA? - 05/18/04 08:57 PM
You report the total amount of the new loan.