Starting in 2004 we are new to collecting HMDA data. I have several questions: 1. When one of our real estate loans matures, we get a new note signed, issue a new loan number and prepare RESPA documents. Would this be considered a renewal or refinance and would it be reportable? 2. Are farm loans secured by a dwelling reportable if we refinance? 3. According to RESPA and monitoring, we are required to collect monitoring information on all reportable HMDA loans except corporations etc. How do we handle this for RESPA when collecting monitoring isn’t necessary at times?
We do not always get a new written application with each request for credit, esp. with our investors. If the required information (income, race and sex) was collected on a previous transaction, can we rely on that information? If so, does it ever expire? I mean I know ones income can fluctuate, but ones race and sex seldom do.
When taking an application over the phone, how should the gov't monitoring information be handled? Usually when taking a application over the phone, we also send the application out for signatures. Should this information then be filled out by the customer when signing? We have seen some varying information regarding this, so please be specific on how this should be handled.
A loan customer applied for a $5,000 loan to be secured by second mortgage his dwelling (our bank has the first mortgage). The loan officer did not complete the Govt. information section of the application. Upon review, the actual loan made was a refinance of the borrower's principal dwelling plus the new funds of $5,000. Do we need to collect the govt. information required by Reg B?