Report As Refi If Not Sure if Dwelling Secured?

Answered by:

Question:

I have a loan that appears to be a HMDA reportable Refinance, but not sure because we are not able to verify that the loan we are paying off was dwelling secured. The loan being paid off is with another institution. Should we report as a refinance?

Answer:

You shouldn't report unless you know for sure. However, I wouldn't just drop it. I would ask and find out. I would think the borrower would be able to tell you.

First published on BankersOnline.com 3/4/13