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Interpreting HMDA definitions

02/23/2025

We are in the middle of HMDA verification for filing and have had some questions arise we cannot seem to find a clear answer to: 1. We have a loan that was made to pay down the primary residence portion of another existing loan with our institution and the collateral was released, but the existing loan remains open with security now of cattle, a cattle trailer, and vacant land. Under HMDA, a refinance is defined as the satisfaction of an existing loan, but is there guidance for whether "satisfaction" is only full payoff of the existing loan or can this be interpreted to also include satisfying the portion of the loan that was dwelling secured? 2. We have a loan that is secured by a dwelling. Currently we are reporting as one unit but looking at the appraisal, the property also has a living space over the garage that includes a living room, bedroom, and bathroom. Our HMDA team is of the opinion that because there is not a kitchen it is not considered a dwelling but we cannot seem to find guidance that would specify what components would constitute a "dwelling" under Regulation C other than a "residential structure". Is this interpretation correct?

Texas homestead and lien validity

02/16/2025

We have a situation where a customer owns a Texas property which is their homestead, and the only property they own. They are purchasing a home in Kansas and want to do a bridge loan for this purchase where by a lien is taken on the Kansas property and an additional collateral deed of trust is taken on the Texas homestead property. Since the deed of trust on the additional collateral does not become valid until the Texas property ceased to be homestead property and the property being purchased is not in Texas, is the lien on the additional collateral valid?

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