We have a transaction in which the subject property in the person's investment property and the funds are going to be used to pay off consumer debt. For HMDA would this be coded as Primarily Business/Commercial Purpose since the collateral is non-owner occupied?
I am currently reviewing our Commercial HMDA data for 2021 and came across a unique situation and was wondering if you could provide some clarification on a loan if it should be HMDA reportable or not. The loan is a straight line of credit for business purposes. Would this automatically be reportable or under what conditions would it be?
Would this loan be HMDA reportable? Each of four building is on a separate lot with garages or carports. There are a total of 20 lots. All of the lots are contiguous and operated as one economic property. They do not have any restrictions from selling the lots individually.
We are doing a new loan to refinance an existing loan at another bank. The borrower owns the home and the co-borrower lives in the home. The borrower rents to his son.
For HMDA purposes do we consider this an investment property or primary residence? To the borrower it is investment property but the co-borrower it is primary residence.
What is the HMDA purpose classification when refinancing a construction loan and converting it to permanent financing - purchase or refinance?
If an applicant completed the Demographic Addendum section on the new URLA and the loan is not HMDA reportable because it is a construction loan, can the GMI be crossed out, or how should this be corrected?
We have a loan that is HMDA reportable and the borrower is an LLC. On the final application, the demographic information was completed, which it should not have been. Each page of the application references Page 1 of 6, Page 2 of 6, etc. Can we remove the demographic information pages so the last page of the application would read Page 3 of 6? Or, should the completed demographic pages be replaced with blank demographic pages so it still looks like the full application?
What is the Rate Spread Calculator?
Where can bankers download the LAR Formatting Tool?
Would a loan be HMDA reportable when the purpose is to provide construction to permanent financing of a new home that will be used for short term rental use?