We are an FDIC regulated bank. When do we not collect the government monitoring information on a real estate loan application?
We are making a home improvement loan on a second residence that will become the owners' primary residence when the improvements are complete. Do we do disclosures as a primary residence since this will be the case, or as a second residence as it is at the moment?
I had a borrower wanting money to purchase and renovate some rental property using his home equity loan on his personal residence. He wants to finance the rental property and pay the money down on his home equity line to a zero balance, but we are not closing out the home equity line. We do not report home equities on HMDA. Would this be reportable?
When a HELOC applicant indicates only a home improvement purpose on the application and there are no liens on the property, can we really presume the whole amount is to be used for home improvement or do we have to specifically ask?
I have a home improvement loan which is secured by real property and is being used for college tuition. Is this HMDA reportable? The funds are not being used for repair or home improvement at all.
When a loan is secured by two properties, which one do I list on the LAR? A customer's existing home and the home he is purchasing are being used to secure the loan.
Would an unsecured loan to purchase a hot water heater be HMDA reportable.
We report HELOCS and loans for HMDA. Would a HELOC for putting in a pool in be reportable? Would it be considered home improvement?
We have an application for a temporary (less than twelve months) home improvement loan to be secured by the principal dwelling. This loan will be done as a multiple advance, closed-end loan, while the project is being completed. Once the project is completed, this loan will be re-written into a term loan. Is the temporary loan exempt from the HPML requirements? Is it considered a "temporary loan" for this purpose?
We have a consumer loan request that is for the purpose of completing construction of a residence. The property was purchased at a trustee sale and is owned outright. The framing has been completed, but it is far from being ready for occupancy. It has never been occupied. Is this a home improvement loan, subject to HMDA, RESPA and HOEPA, or is it safe to call this a one year construction loan that is exempt as a short term financing?