09/01/2014
We have a loan to purchase a portable storage building. The loan is secured by a vehicle. Would this qualify as home improvement under HMDA?
08/25/2014
We have a loan to purchase a portable storage building. The loan is secured by a vehicle. Would this qualify as home improvement under HMDA?
08/18/2014
Is an unsecured loan for an above ground swimming pool, to replace an existing pool damaged by weather considered HMDA? I know it would be if a pool had not already been in it's place, but being as there was once one existing there, I am little hazy on it.
10/28/2013
I know that moving a manufactured home would not be considered as home improvements, but what about connecting utilities - water, power, etc to the home once moved... Would that be considered as home improvements?
07/15/2013
Does the HUD Special information booklet have to be provided for Home Equity and Home Improvement loans? From looking at Regulation X I would say yes, but I can not find any true guidance. When looking at the booklet, it does talk about Home Equity loans but it doesn't mention Home Improvement loans.
07/01/2013
I have a business purpose loan to purchase commercial real estate. The client is allowing his home to be taken as collateral along with the commercial real estate. It's a first mortgage on the home. Could this be a HPML? Do any RESPA disclosures apply and is it HMDA reportable?
07/01/2013
We have a consumer balloon loan that was originally for home improvement and secured by a CD, now we are going to refinance the loan to term out the balloon portion and it will be secured by the same CD. Is this HMDA reportable?
06/03/2013
I have customers purchasing a new home, which needs some work. We are doing a purchase money loan for homestead, with builders & mechanics lien contract for adding a kitchen to this house. The title company is requiring a 3 day ROR. I say one is not necessary since this is a purchase. Title company says since we are advancing funds for improvements, a 3 day ROR is required. It is not currently their homestead, they are buying it.
05/13/2013
Reporting of purchased loans on HMDA. We have started purchasing loans and now need to report them on HMDA. For the section on Loan Amt - it specifies if it is a home purchase loan that we purchased 0 we enter the unpaid principal balance of the loan at time of purchase but it does not reference specifically what we use as the balance Original or unpaid prin balance)if the purchased loan is a home improvement or a refi. We have a consultant tells us that we report them all (purchase, refi or h/i) with the unpaid principle balance but in reading the HMDA guidelines and regs I am not sure if that is correct. Can you help clarify this for me?
04/01/2013
We have a residential (investment) real estate secured loan with the purpose being to reimburse the borrower for PREVIOUS purchase and PREVIOUS improvements of the property. We are debating over whether it is or is not reportable. What do you think?