08/04/2024
We are currently in the process of acquiring a branch of another financial institution. I am by no means a guru in HMDA but certainly not in
acquisitions and this is the first time we've done this in a long time (before my time). I am under the impression aftery some reading of the HMDA Getting It Right Guide, that we have to report the loans we obtain through the purchase. This is okay, but I have others saying that we only have to report the ones they originated in 2024, which I don't think is accurate, but I could be wrong.
Additionally, the other institution's staff members aren't being very forth coming with information and have advised that we will get the information for the files we are getting, however, we will have to go through it to gather the HMDA required data, as they will not provide us with a LAR.
I'm also trying to decipher the guide and if we qualify to not report certain fields, like Loan Costs, Origination Fees and Discount Points.
04/14/2024
Are refinancings of second homes HMDA reportable?
08/06/2023
We have loan that has three applicants. One will live at the property but has no credit. The other two had the credit and income. Since there are only two places to record DOB and Credit Scores for HMDA, which ones do you use?
08/06/2023
Would terming out a construction loan be considered a purchase on HMDA LAR?
07/16/2023
For a HMDA loan where a borrower is using their own residence as collateral to purchase a home for someone else, is it still a purchase if the borrower has no ownership of the purchased home?
09/25/2022
Is a loan to purchase land with a free and clear mobile home as additional collateral considered HMDA reportable? There is no equity being utilized from the mobile home.
06/05/2022
What is the proper procedure if we find a loan was not included in the HMDA LAR for last year? We reported on time by March 1, however, the loan was discovered today. It closed in last November.
04/03/2022
We have a transaction in which the subject property in the person's investment property and the funds are going to be used to pay off consumer debt. For HMDA would this be coded as Primarily Business/Commercial Purpose since the collateral is non-owner occupied?
02/13/2022
What is the HMDA purpose classification when refinancing a construction loan and converting it to permanent financing - purchase or refinance?
02/13/2022
We are doing a new loan to refinance an existing loan at another bank. The borrower owns the home and the co-borrower lives in the home. The borrower rents to his son.
For HMDA purposes do we consider this an investment property or primary residence? To the borrower it is investment property but the co-borrower it is primary residence.