Skip to content

Renewed Loan into Single Payment-HMDA Report?

Answered by: 

Question: 
I have a commercial loan secured by 2/13 interest (first mortgage) on a house. When this loan was originated, it was an open end line of credit and now has been renewed (new loan number) into a single payment loan due in one year. Is this a HMDA reportable loan? The source of repayment for the loan is business income.
Answer: 

How do you secure only 2/13 of a dwelling?

Regardless, this is a reportable refinancing. You are satisfying and replacing a dwelling-secured obligation with another dwelling-secured obligation to the same borrower.

The new closed-end loan does not qualify for the open-end LOC optional reporting and it is not temporary financing. It's short term financing.

First published on BankersOnline.com 7/16/12

First published on 07/16/2012

Filed under: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics