HMDA Reporting: I am doing a loan on bare land but it is a home improvement loan to do repairs on the current house they live in. For Property Type, Occupancy, County, Census Tract, and Lien Status which property do I use? Do I use the same property to answer all the questions?
Is there a cooling off period after closing for a Home Equity loan? I can find info on Home Improvement loans, but not equity.
In Commercial Lending, an entity as the borrower does not require HMDA. Recently, my loan officers have been making the "usual guarantors" as Co-borrowers instead. Do I now need to complete this as a HMDA loan?
If the original loan application was completed by the customer for home improvement and later changed to other purpose not HMDA reportable, and the application is denied, do you still report for HMDA for the original home improvement purpose? Example, purpose of home improvement marked out and replaced with auto purchase.
We have a loan that is a farm purchase. Some of the loan proceeds are being used for improving the home that is on the property. Is this loan HMDA reportable?
We are doing a Second Lien Home Improvement note and using an Appraisal from the first lien. How do you disclose the appraisal on the GFE using 0.00?
Would a 120 days single pay loan for the purpose of home improvement to sell be subject to RESPA? Or, is it exempt from RESPA because it falls under temporary financing?
If a borrower uses his primary residence as collateral on a loan for which the proceeds are to be used as home improvements on a rental home, how is this reported on HMDA. Is it reported as owner occupied (the collateral), or is it reported as non-owner occupied (loan purpose: rental home improvements). Also, what if both properties are collateral (primary residence and rental home)and the proceeds are for improvements to the rental; which way do I report it: owner or non-owner occupied?
I have a loan that is CD secured, single pay for one year. The purpose is for home improvements. Do I report it as HMDA?
As a lender, if we receive a third party application and the GFE is incorrect, could we re-issue a new GFE? If we receive an application from a third party broker (application only) and issue a GFE, is this considered a HMDA reportable loan, although we are not making a decision on this yet, and do not know if it will eventually be a viable loan?