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?
02/09/2025
I have a loan that will be secured by a mobile home only. Will this be considered a HMDA reportable loan?
11/17/2024
If we have a consumer HELOC denial with the stated purpose of "purchase land to build a gas station," is it HMDA reportable?
05/01/2022
What are some drawbacks to decentralized loan document tracking?
07/18/2021
How can a bank track disclosure exceptions?
05/02/2021
Website for searching UCCs in Michigan?
03/28/2021
Is there a website for searching UCCs in Florida?
03/21/2021
Are there systems for automating pipeline reports for lenders?
02/28/2021
How can a bank benefit by using FDIC BankFind?
10/11/2020
What steps are involved with switching exception tracking systems?