Most Popular Lending Content
Subprime Lending and Older Consumers
03/01/2004
In his testimony to the Senate Special Committee on Aging, Howard Beales, Director of FTC's Bureau of Consumer Protection stated that more than a quarter of subprime borrowers are 55 or older.
HMDA Revision of Definitions/Rules
03/01/2004
At a HMDA seminar last fall the speaker stated that due to the wording of the new rules for a refinance, the refinance of a 25+ acre farm will no longer be exempt from HMDA. He stated that they would probably correct it, but I haven't heard anything. Do you know if it is or is not reportable now?
First Time HMDA Reporter Has Questions
02/23/2004
Starting in 2004 we are new to collecting HMDA data. I have several questions: 1. When one of our real estate loans matures, we get a new note signed, issue a new loan number and prepare RESPA documents. Would this be considered a renewal or refinance and would it be reportable? 2. Are farm loans secured by a dwelling reportable if we refinance? 3. According to RESPA and monitoring, we are required to collect monitoring information on all reportable HMDA loans except corporations etc. How do we handle this for RESPA when collecting monitoring isn’t necessary at times?
Removing an Applicant, New Application?
02/23/2004
Situation: husband and wife submit a joint loan application. Husband's credit is fine, wife has poor credit. The loan is unacceptable "as is", however, if the wife is removed from the application, the husband qualifies perfectly on his own. Should the original loan application be denied and start a new application from scratch, or does this qualify as a denial/counteroffer?
Temp Loan to Rehab Property: HMDA Reportable?
02/23/2004
Scenario: A customer has come in to request a loan to purchase and rehab a single family residence. It's secured by the first lien deed on trust on the home on the property. The loan is for 90 days. After the repairs are complete, the borrower will then pay the loan through personal, permanent loan on the property. Is this HMDA reportable?