Two years ago we granted a new loan and took a first mortgage on a piece of vacant land as collateral. The loan is now going through a renewal. While completing the evaluation, we learned that the borrower; using his own cash, built a home on the property that’s encumbered. The way our mortgage reads, we have interest in ... all existing or subsequently erected or affixed buildings, improvements, and fixtures...
When we complete the valuation report, should the value of the home be included in the report and furthermore, if so, should the report be mailed to the borrower under Regulation B?
Scenario: Commercial customer is using one residential investment property as collateral to do improvements to another residential investment property. Is this HMDA reportable? if so, which address do I report; and is the purpose "home improvement"?
The owner of a motel is going to construct a single-family home on the same property as the motel. This will be his primary residence. The collateral will be the motel and the house since both are on the same deed. Is this HMDA reportable?
Commercial customer is using one residential investment property as collateral to do improvements to another residential investment
property. Is this HMDA reportable? if so, which address do I report; and is the purpose "home improvement"?
We currently have a commercial/business purpose loan with an action date of 2/13/18. The loan was for 650K (fixed 30yr) that refinanced an existing 150K loan with 500K for improvements to the property to construct 4 single apartments where there were none previously. The existing property is currently business/commercial property. We are looking for clarification on whether you would consider this HMDA reportable.
My head is spinning from trying to deal with mixed use,1-4 and multi-family HI loans. Does one first have to classify if either is a
dwelling vs. a commercial property. Am I correct that once classified as a dwelling a 1-4 with an improvement of a commercial space is always reported as a HMDA HI loan? If not classified as a dwelling we do not report. Also, if a mixed use multifamily is determined to be a dwelling and improvements are made to the residential portion of the building or the entire building, is this a HMDA home improvement loan? I seem to have a disconnect where multifamily is thrown into the mix. Please clarify.
New HMDA requirements include reporting an introductory rate period. The regulation tells us to report the number of months until the first potential rate change with fixed rates being reported a "NA". Does that mean on a daily variable loan (generally rental properties) we report a "1" since the rate could change in less than one month?
Is a construction only loan to a consumer covered by HMDA when there will be a separate loan for the long term financing??
I have an incomplete application (no property) that is expressly withdrawn by the applicant 3 days after submission because they now want a 30 year fixed rate loan where we only have balloon loans with an amortization up to 30 years. The lender had "approved" them to go forward, prior to verifying their credit with paystubs, tax returns, etc. I know you cannot have a "withdrawn" application unless it is prior to credit approval. Please define "credit approved" when it comes to HMDA. Would this be
underwritten and verified credit? Or would I submit this as "approved but not accepted"?
If I have a loan to a builder to construct a contract 1-4 family residence, is the loan HMDA reportable? The builder will acquire the property, construct the home, and then deed it to the new homeowner. Is the purpose a purchase or a construction loan?