HMDA Q075 edit (2017)

Posted By: Red Raiders

HMDA Q075 edit (2017) - 02/15/18 10:44 PM

Can someone explain to me what this edit means in plain English? I've read it 20 times and can't be sure what it is saying... smile
Posted By: rlcarey

Re: HMDA Q075 edit (2017) - 02/15/18 11:01 PM

It means that the percentage of loans sold versus what you made or purchased were not within 20% of what you reported last year and you need to make sure that you don't have an error - it is just a quality check.
Posted By: Truffle Royale

Re: HMDA Q075 edit (2017) - 02/16/18 01:55 AM

If your business went down this year, you'll have this Q edit. I've gotten it a couple times over the years.
Posted By: Red Raiders

Re: HMDA Q075 edit (2017) - 02/16/18 02:06 PM

Thanks for the responses.

Our volume is down but isn't a 20% difference so we weren't sure why this edit popped up.

TR - how exactly did you calculate this so I can be sure that we are looking at it right?
Posted By: Red Raiders

Re: HMDA Q075 edit (2017) - 02/16/18 04:37 PM

This is the wording for the edit and I wasn't reading that it was that simple from what is listed:

Action taken type = 1 or 6, loan purpose = 1, property type = 1 or 2. If 750 or greater loans of these loans are reported in the current year, then of these loans, the difference in the percentage of loans that are sold in the current year and the percentage of loans sold in the prior year should be less than (+ or -) 20%. Percent of government backed home purchases = # home purchase loans where loan type = 2 or 3 / # home purchase loans for the current year or previous year.
Posted By: Truffle Royale

Re: HMDA Q075 edit (2017) - 02/16/18 04:44 PM

Red's right. We sell everything here so for me it was a straight up calculation. I'm removing my posts so they don't confuse anyone else.
Posted By: Red Raiders

Re: HMDA Q075 edit (2017) - 02/16/18 05:04 PM

We sell to Fannie and a large bank but also keep loans in-house.

Is this saying the purchase loans sold in 2017 divided by the total number of loans on the LAR in 2017 is +/-20% different than 2016?
Posted By: Red Raiders

Re: HMDA Q075 edit (2017) - 02/16/18 05:28 PM

Or is it saying the total purchase loans sold to an investor divided by the total number of loans (purchase, refi, HI) sold to an investor vary +/-20% between the two years?

Or something way different? smile