Do you know of a chart that illustrates which mortgage loans/applications that are to be reported on the HMDA LAR?
When populating the collateral address for consumer closed-end, real estate secured loans (TRID), is there an industry best standard for WHERE we obtain this address from? I know that it must always include the zip code, and a location (if an address via US Postal Service is not available), but I'm curious if there is an unspoken standard of what document this is best obtained from, such as the counties property record card, the written evaluation provided to us from a certified appraiser, borrower attested to, etc.
Our bank is currently scrubbing our loans in Call Report Code 1A2 - Other construction loans and all land development and other land loans. The following are questions to decide whether some loans are in the right bucket: - What classifies as farmland vs raw land? - Are loans secured by timber tracts considered farmland? - What call report code do trailer parks belong in? - Are they considered "other" land and belong in 1A2 or can it be classified as a 1E2 since it is an income producing property?
How can a bank track disclosure exceptions?
Can a Bank use a "Board-approved" Estimate (number only) to satisfy the evaluation requirements if an appraisal is allowed to be waived due to the transaction amount being less than $500,000?