Under current HMDA rules, if a borrower submits an application for one amount and then requests an increase and a new loan estimate is issued, do we report the original amount requested or the increased amount?
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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?
How is the best way to handle when a customer wants to term out a HELOC? Can it be accomplished by a modification or should it be considered as a new request? If new request would HMDA be applicable?
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?
Do you need to report on HMDA a re-purchase of a loan from FHLMC?
For HMDA reporting is a multifamily (5-units) structure considered to be five apt buildings or five individual dwellings in the building?
We have a commercial loan. The funds originally were used to finance business assets. (Collateral is business assets and a 2nd on the guarantor's home). We have refinanced the loan. Is this HMDA reportable because of the guarantor's home even though the original funds were used for business purpose?