Secure Loan w/Personal Residence-HMDA Reportable?

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Question:

A borrower owns his home mortgage free. He borrows $30,000 to consolidate other debt. We secure the loan with his personal residence.The loan is HMDA reportable? True or false? I think is False.

Answer:

In order to be reportable as a refinance for HMDA purposes, the loan must be secured by a residential property and be paying off a loan that is also secured by residential real estate. Both loans must be to the same borrower.

The loan you describe would not be HMDA reportable as a refinance.

First published on BankersOnline.com 4/22/13