Are rate spreads to be reported on the HMDA LAR only for primary residence loans?
When completing the Action Date of a refi loan on the HMDA LAR, should the actual closing date of the loan document or funding date following the right of rescission be used?
If a person borrows money to do home improvements to a home they do not own but will be renting; is that reportable as home improvement - not owner occupied? We classify and report all of our unsecured home improvement loans.
When filling out the LAR on a secondary home, how do you report the occupancy, owner occupied or not?
If an applicant starts to apply for a mortgage loan online and early in the process authorizes a credit bureau to be pulled but then never submits the application, are we required to do anything with the information such as send a letter of notice of incomplete application and report on HMDA LAR or is this considered an inquiry that never resulted in a HMDA application?
If two individuals own a dwelling and have a loan that is secured by the dwelling and one purchases the other's interest in the property, with a dwelling secured loan, is that reported on the HMDA LAR as a Refinance or a Purchase?
I am unsure if I should report on my HMDA LAR several different loans we have done. The first has the collateral of a stock certificate but the loan was done to purchase a home, another has a perpetual loan agreement as collateral but was done to purchase a home, the last was done by a church to purchase a home they are using as a group home which isn't really considered anyone's primary residence.
Home equity loan, primary residence is collateral, improvements to rental property is purpose. When reporting for HMDA is it owner occupied or non-owner occupied?
An Initial loan is a multiple advance temporary loan for the purchase of a home $50,000 plus $25,000 Straight Line of Credit to improve the home. The first loan is not HMDA reportable due to temporary. Is the re-write of that loan a refinance (since the new loan satisfies and replaces the first) or is it a purchase (as a construction loan would be a purchase since it is not on the LAR yet?)
Do we have to report the rate spread if the loan is not a reg z loan?