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HMDA and Reporting Second Mortgages -- QuestSoft
10/20/2003
I just need some clarification on some HMDA reporting issues. 1) Please verify how the 2nd mortgage should be reported in this situation - 2nd mortgage for purchase of investment property (purchase split to avoid PMI)and home improvements collateral is 2nd on primary residence - do we report as home improvement, nonowner occupied and geocode for address of investment property? 2) Using the same situation as above except no home improvement, would we report as follows: purchase, nonowner occupied use address of primary residence? 3) for permanent financing of primary residence paying off another lender do we report this as purchase or refinance?
Proper line on the HUD-1
10/20/2003
I was wondering what is the proper line to disclose on a HUD settlement statement the amount of money recieved by a lender to a broker? Would it be considered an origination fee since it is a fee related to the borrowing of the funds?
HMDA Reporting of Originated and Purchased Loans
10/20/2003
We purchase loans from smaller banks and sell them to investors. We report them on HMDA as purchased loans. Do the originating banks also need to report them to HMDA as originated loans?
Collecting for Insurance
10/20/2003
When closing a real estate purchase can I collect more then 2 months insurance, or is 2 months the maximum?
Does Reg O Allow Waiver of a Director's Late Fee?
10/20/2003
Is there any caveat in Reg O that would allow us to waive an inadvertent late fee on a loan for the interest of a director? I don't know of any, but if there is one I'd hate to prohibit the waiver!