05/05/2008
The bank made a commercial loan that included a 1-4 family dwelling as an abundance of caution. The commercial customer is now refinancing the commercial loan and the 1-4 family dwelling will again be part of the collateral package. Should the loan be reported on HMDA as owner occupied? The owner of the property is occupying the dwelling, however, the vesting of the property is not in the borrower's name. If it is owner occupied would government monitoring be required?
04/21/2008
We have chosen to not report HELOCs on the HMDA LAR, but we do collect GMI on all home loan applications. I cannot find in Reg C that we are prohibited from collecting the GMI data for loans not reported on the HMDA LAR. Is collecting this data on loan applicants against any regulation and if so, could you please site the regulation?
03/10/2008
When is monitoring needed on a construction loan according to Reg B? Is the absence of a takeout letter indicative of a construction permanent loan? If we don't do takeout letters should we obtain monitoring information on all our construction notes or must the application itself indicate an intention by the applicant to receive long term financing?
02/04/2008
I have a question concerning Reg B and closed-end Home Equity Loans. We currently use Fannie Mae Form 1003 for all real estate related loans. In doing so are we violating Reg B with GMI on our home equity and construction loan on 1-4 family dwellings? My understanding is that the 1003 is a suggested form to use under Reg B because it gives that disclosure to the borrower about the use of the information. What is your opinion?
11/12/2007
I can't find in Reg B where it excludes temporary financing for the collection of government monitoring information. Reg B Sec.203.13 refers to home purchase and refinance of home purchase for a primary residence, but I don't find where it refers to permanent or temporary financing. Am I missing something? (We are not a HMDA reporting bank.)
06/18/2007
A customer applies for a fixed rate home equity loan which will be the first and only lien on the property. Do I need to collect government monitoring information?
06/18/2007
A loan application is completed by an applicant and dropped off at our office, but they did not complete the government monitoring information. Would this be considered mail or face to face for determining the HMDA codes?
10/16/2006
For HMDA reportable loans, should we be collecting and reporting Government Monitoring Information for Loan Guarantors?
10/02/2006
A home loan application was completed on a consumer loan refinance on their dwelling and Credit Life Insurance was financed on the loan. Is the government monitoring information required or prohibited on the home loan application? (Is a refinance with cash out (ie credit life insurance) or cash out for personal use, medical, etc., subject to government monitoring information?)
02/13/2006
HMDA - We have a business loan to three borrowers to purchase a 1-4 family dwelling for investment purposes. One of the borrowers is a formal business entity, and the other two are the two individuals that own the business. The business entity is the primary borrower, but the individuals also sign on the note individually. We are not clear regarding the issue of reporting monitoring information in such a case -- we have had much discussion, and have done much research about this and can't come up with a consensus. In situations where you have a business entity borrowing, AND you also have individuals signing individually on the note, should you report monitoring information on one, or both of the individuals since they are individually signed on the note also? In such a situation would we show the monitoring fields on the applicant, i.e. the business entity as NA, and show monitoring information on one of the individuals under the co-applicant fields? Any guidance you could provide would be greatly appreciated.