03/17/2003
If a loan is carried on a credit union's books coded as a signature loan (unsecured), while the purpose listed on the loan application is for home improvements; Would this signature loan have to be reported under the Home Mortgage Disclosure Act?
03/03/2003
Reg. C states that the following loans or applications for loans are excluded from HMDA reporting: Do not report loans or applications for loans of the following types: <ol><li>Loans that, although secured by real estate, are made for purposes other than home purchase, home improvement, or refinancing (for example, do not report a loan secured by residential real property for purposes of financing college tuition, a vacation, or goods for business inventory). <li>Loans made in a fiduciary capacity (for example, by your trust department). <li>Loans on unimproved land. <li>Construction or bridge loans and other temporary financing. <li>The purchase of an interest in a pool of loans (such as mortgageparticipation certificates). <li>The purchase solely of the right to service loans. </ol>Although, this is very helpful, I would like a few "real life" examples of loans that are not HMDA reportable.
11/18/2002
We have a borrower who owns and lives in a 6 unit apartment building. If we lend money for new windows, does this qualify as a home improvement loan to his principal dwelling?
11/11/2002
On a nonescrowed, residential mortgage, do the hazard insurance and property taxes need to be disclosed on the GFE?
11/01/2002
Question: We closed a refinanced home loan several days ago and the customer just called to rescind the loan.
10/28/2002
What disclosures are required on home improvement loans?
10/28/2002
There seems to be some confusion regarding the new TIL for High Cost Mtges that go in effect in Oct. Is this new ruling geared towards Primary residents only, or does include investment properties and if so, where can I find the verbage that states just that. I am in the state of Florida.
10/01/2002
The new rules on HOEPA, or high-cost loans, took effect on October 1, 2002.
09/16/2002
Bankers Compliance Consulting Real Estate Loan Matrix. I found on this web site indicates that a closed end home equity loan is not HMDA reportable. I would like to know the reason the author made that decision. I find the reg excludes open end lines of credit only...
07/01/2002
Is there a simplified summary of the current, pending HOEPA changes/regulations, pertinent to a mortgage nondepository lender?