Investment Rental Property

Posted By: RegComply

Investment Rental Property - 04/25/18 09:50 PM

We document our investment rental property for investors who all require Regulation Z disclosures, even though under the regulations these would be exempt, our system is taking this information and automatically updating HMDA for Reg Z items. Has anyone run into this issue and if so were you able to get your vendor to fix so it would show as a Non-Reg Z loan?
Posted By: raitchjay

Re: Investment Rental Property - 04/25/18 09:54 PM

Seems to me like it would have to be a manual fix on your part......if you are showing the loan in your LOS as a disclosable, Reg. Z loan then your LOS (or at least, my LOS) is going to pull all of those numbers over from your TRID and/or ATR stuff. I think if you don't want it to, then you'd have to go back in the transaction and uncheck all the TRID, Reg. Z applicability boxes.
Posted By: Dan Persfull

Re: Investment Rental Property - 04/26/18 12:57 PM

I agree. It's not the vendors responsibility to fix their system to accommodate you classifying loans inaccurately in the system to accommodate your investors. Your issue is with your investor, not your software vendor.