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which data should be reported

Posted on: 06th Dec, 2006 02:31 pm
which categories of loans are required to be reported under HMDA by the lender and also which information is necessary to be reported for each transaction,thanks
Hi Richard,

Under the Home Mortgage Disclosure Act (HMDA) lenders are required to report the following categories of loans:
  1. Home purchase,
  2. Home improvement and
  3. Refinancing
And the information that is necessary to be reported for every loan application, origination and purchase of these three types of loans is:
  • Loan type and amount,
  • Property location and its type,
  • Application's disposition, which means that whether the application was rejected or if it resulted in an origination and
  • Applicant's income, ethnicity, sex and race.
Do let us know if you have any other questions.

Posted on: 06th Dec, 2006 02:45 pm
thanks for the informaton, kindly if you can provide details on which transaction which are not required to be reported under hmda,thanks again
Posted on: 06th Dec, 2006 02:58 pm
Hi Richard,

These are the kind of transaction where it is not required to report them:
  1. If a lender makes or purchases a loan in a fiduciary capacity (Fiduciary capacity means when the lender takes the responsibility to act as an executor.).
  2. Any loan for an unimproved land.
  3. Any type of temporary financing and construction loans (in case the loan is construction-permanent loan then it must be reported).
  4. Buying interest in a pool of mortgages, like mortgage backed securities or mortgage participation mortgage.
  5. Loan servicing rights when purchased solely.
  6. Loans acquired as part of acquisition of all assets & liabilities of any branch office or as part of a acquisition or merger.
  7. Lender's acquisition of partial interest in any home improvement loan or in a home purchase or in refinancing, this implies even if the lender had participated in the origination and underwriting of such a loan.
  8. A request for pre-qualification of a mortgage loan.
  9. Any agreement between the lender and the new borrower for assumption of the loan, if it is not in a written form.
Hope this information will be helpful for you.

Posted on: 06th Dec, 2006 03:34 pm
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