Home Mortgage Disclosure Act: Tips From the Field for Getting the Data Right

From November 29, 2006 … Objectives of the presentation. At the end of this session you will: ∎ Familiarize yourself with the history of the house. Mortgage Disclosure Act (HMDA) The Home Mortgage Disclosure Act ….

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Frequently Asked Questions
Q: Is the refinance of a business purpose loan secured by a 1-4 family dwelling HMDA reportable?
A: Yes. If a new loan (including a business purpose loan) satisfies an existing loan and both are secured by a dwelling, the transaction is a reportable refinance under HMDA
Q: Is a home equity loan for the purpose of home improvement reportable?
A: Yes. If the loan is secured by a dwelling and is for the purpose of home improvement, it must be reported.
Q: What is the term to enter on the rate spread calculator when the bank makes a loan with a balloon payment (e.g., 5 year term amortized over 10 years)?
A: Enter the actual maturity, not the amortization period.
Q: When is a loan considered to be “temporary financing” that is exempt from reporting?
A: The term of the loan, alone, is not determinative. A loan is considered temporary financing if it is designed to be replaced by permanent financing of a longer term.
Q: If an applicant indicates that their ethnicity is Hispanic, must they also indicate a race?
A: Yes and no. If applicants choose to complete the monitoring, they should be instructed to complete both the ethnicity and race disclosures. However, if they choose not to complete one or both fields, the lender should complete it based on visual observation.
Q: How should the banker report income on the LAR?
A: Report the income relied upon in underwriting the loan.

Download Home Mortgage Disclosure Act: Tips From the Field for Getting the Data Right pdf from www.frbsf.org, 24 pages, 176.94KB.
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