HMDA Reportable??

We have loan that closed where AG land and a home were taken as collateral however that was not the intention of the loan officer. He wanted just secured by the land. We paid off 2 loans, one dwelling secured, one ag purpose. The loan officer closed the loan as if it were AG only so we have no TRID docs. Should this be reported since it was a dwelling secured loan paying off a dwelling secured loan? If so, how do we report most fields since we don't have that information?

Well, was this loan primarily for consumer purpose or ag purpose? The fact that there is a house involved has nothing to do with that determination. If it was ag purpose, then what fields are you missing.

The loan is primarily consumer purpose – about 60% of the funds went towards refinancing the borrower’s primary residence and the remainder of the funds went towards refinancing the construction loan for a machine shed. The loan officer intended to have the loan secured by ag land only, but the note is showing that the primary residence is also securing it, making it a HMDA reportable loan. Since the intention was to have just the ag land securing it, TRID was not done on this loan so we are missing some key HMDA reporting information due to not having a CD and are not sure how to proceed.

Is the property primarily ag. use?

But as to your above comment.....land only loans aren't exempt from TRID.

If the loan is secured by a dwelling on property that is primarily for agricultural purposes the loan is exempt from reporting regardless what the loan's purpose is.

Official Interpretation
Paragraph 3(c)(9)
1. Loan or line of credit used primarily for agricultural purposes. Section 1003.3(c)(9) provides that an institution does not report a closed-end mortgage loan or an open-end line of credit used primarily for agricultural purposes. A loan or line of credit is used primarily for agricultural purposes if its funds will be used primarily for agricultural purposes, or if the loan or line of credit is secured by a dwelling that is located on real property that is used primarily for agricultural purposes (e.g., a farm). An institution may refer to comment 3(a)-8 in the official interpretations of Regulation Z, 12 CFR part 1026, supplement I, for guidance on what is an agricultural purpose. An institution may use any reasonable standard to determine the primary use of the property. An institution may select the standard to apply on a case-by-case basis.

That's why i was asking the primary use of the property LSB...as Dan points out, if the property is used primarily for ag purpose, that solves your HMDA problem. Doesn't solve your TRID problem though.

There are two separate mortgages - one is the ag land and the other is their primary home only.

How did your LO accidentally file a mortgage on a property he didn't mean to take? Regardless, it sounds like you do indeed have HMDA and TRID problems with this loan. Not sure what advice to give as the horse is out of the barn. I was trying to point out above though that regardless of whether there was or was not to be a dwelling securing this loan, TRID would have applied regardless, based on your description of "the loan is primarily consumer purpose". Consumer purpose plus closed-end credit plus dirt equals TRID...doesn't matter if that dirt is ag. land or commercial property.

If the home is located on property primarily used for ag purposes there is no HMDA issue regardless if 2 mortgage were filed.

If however the dwelling is located on a different parcel of land that is not used primarily for ag purpose then you do have a dwelling secured loan subject to HMDA.

The HMDA issue boils down to where the dwelling is located.

The TRID issue... most likely you have reimbursements due since you apparently have a consumer purpose loan that was not properly disclosed under Reg. Z

"Primary home only"....i took this to mean there's no ag. land attached to it.