We have a purchase mortgage application that was approved with all underwriting conditions met. In review of the title run it was discovered the seller could not convey a clear title to the property. We did send the borrower a Notice of Action for Incomplete Application giving 10 days for clear title to be received. For HMDA purposes would the Action Taken be Approved Not Accepted or Denial?
We have a HELOC that is going to pay off a tax lien on a dwelling. Should the purpose be reported as "Refinance" or "Other" for HMDA purposes?
If we accidentally deny a loan that has already been withdrawn by the borrower, prior to our credit decision, how should we handle the reporting of the HMDA data on the LAR? Should we report it as withdrawn per Reg C regardless of the existance of the denial letter, or should we report it as denied because there was a credit decision and letter issued and that's the action taken by the bank?
What is the proper procedure if we find a loan was not included in the HMDA LAR for last year? We reported on time by March 1, however, the loan was discovered today. It closed in last November.
I used the term "cash out" for a purpose on a loan. Would this term be wrong if I am giving out new money?
We are doing a new loan to refinance an existing loan at another bank. The borrower owns the home and the co-borrower lives in the home. The borrower rents to his son.
For HMDA purposes do we consider this an investment property or primary residence? To the borrower it is investment property but the co-borrower it is primary residence.
What is the HMDA purpose classification when refinancing a construction loan and converting it to permanent financing - purchase or refinance?
If an applicant completed the Demographic Addendum section on the new URLA and the loan is not HMDA reportable because it is a construction loan, can the GMI be crossed out, or how should this be corrected?
We have a loan that is HMDA reportable and the borrower is an LLC. On the final application, the demographic information was completed, which it should not have been. Each page of the application references Page 1 of 6, Page 2 of 6, etc. Can we remove the demographic information pages so the last page of the application would read Page 3 of 6? Or, should the completed demographic pages be replaced with blank demographic pages so it still looks like the full application?
Would a loan be HMDA reportable when the purpose is to provide construction to permanent financing of a new home that will be used for short term rental use?