HMDA REPORTABLE

Posted By: Char

HMDA REPORTABLE - 10/15/08 07:15 PM

We have a loan that is being renewed, (we have just started reporting HMDA this year), so it has never been reported. It is a commercial loan to an individual on a residential property. The purpose of the loan is to renew and term out residential real estate loan originally granted to purchase and remodel a residence then sell the property. The property was completed last year but has not sold. Now it is a rental. My question is, is this HMDA reportable? It is a rental on a commercial loan to an individual that is being renewed, but has never been reported on HMDA. Do all renewals not qualify for HMDA? THanks,
Posted By: hmdagal

Re: HMDA REPORTABLE - 10/15/08 07:25 PM

Welcome to the world of HMDA reporting!

Assuming the transaction was done with a new note and not a modification agreement, this would be reportable.
Posted By: Mrs. Rizzo

Re: HMDA REPORTABLE - 10/15/08 07:53 PM

hmdagal really meant welcome to hades

If your "renewal" is the satisfaction and replacement of an existing dwelling secured obligation with another dwelling secured obligation, it's reportable for HMDA as a refi.
As hmdagal said, that would require a new note and not a modification of an existing note.
Posted By: Rangers Fan

Re: HMDA REPORTABLE - 10/16/08 05:12 PM

Rizzo is right on with the "welcom to hades" comment. Keep this in mind when dealing with HMDA: "HHHmmmmmmm, DUH!" That's about how much sense some of the requirments make sense after it was amended in 2003. They just had to go there.
Posted By: Rangers Fan

Re: HMDA REPORTABLE - 10/16/08 05:13 PM

Rizzo is right on with the "welcome to hades" comment. Keep this in mind when dealing with HMDA: HMDA equals "HHHmmmmmmm, DUH!" That's about how much sense some of the requirments make sense after it was amended in 2003. They just had to go there.
Posted By: hmdagal

Re: HMDA REPORTABLE - 10/16/08 07:19 PM

I like to think of it as 'job security'.