How do I report the purchase of 6 properties on one mortgage loan with a combination of 9 leased apartments plus 28 bedrooms with shared bathrooms that are rented weekly or monthly?
We have originated a loan for a 7 bedroom group home for disabled individuals
where nursing staff is provided in the home. The property is setup as a 7
bedroom unit with shared living spaces (kitchen, living room, bathroom,
etc). Would this be considered multi-family? Or do the units need to be
fully functioning (include kitchen and bathroom) to be considered an
individual dwelling unit?
Will a financial institution that is newly exempt from HMDA closed-end reporting stop gathering demographic data?
Our financial institution did not originate 100 HMDA reportable closed-end loans in 2019 and therefore is no longer a required reporter for 2020. Can we stop collecting immediately?
Should the financial institution count all transactions on its HMDA LAR for the 2 preceding calendar years to determine if it is no longer required to report for HMDA?
How are investment loans for multiple dwellings reported? Do we just pick one of the addresses and report that census tract? Example: I have a refinance with 3 separate dwellings as collateral, all on one loan.
Will the new open-end reporting threshold of 200 originated lines in each of the two prior calendar years also go into effect as of July 1, 2020?
Our customer has ownership interest in a primary dwelling and is doing a loan for home improvement and buying out the other owners. So this is both a home improvement as well as purchasing the full interest in his home. What loan purpose would this be under HMDA?
If a HMDA applicable application was withdrawn by the borrower before it ever got to the originator, what do we put for the NMLS number? Can we leave blank, should we put N/A (I believe that's only for Originators that don't have and don't need NMLS numbers), should we default to a manager or is there another recommendation?
I have a question regarding HMDA reporting and I hoping you can help me out. So for the NMLSR ID we are reporting the NMLS ID of the loan officer who approved denied withdrawn/canceled the application. We have several loans that were withdrawn by the member prior to a loan officer making a decision and were reporting N/A. I think we should be reporting our own NMLS number for those applications. Could you please let me know what you think?