Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword or section
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
HDMA (covered institutions -exceptions 2010 Guide: purchases HMDA-related loans in bulk from another entity (for example, from a failing institution). As neither a merger nor an acquisition of a branch is involved, the purchasing institution must report those loans as "purchased loans."

HDMA (covered institutions -exceptions 2010 Guide: purchases HMDA-related loans in bulk from another entity (for example, from a failing institution). As neither a merger nor an acquisition of a branch is involved, the purchasing institution must report those loans as "purchased loans."

Ratings: (0)|Views: 46 |Likes:
Published by Mary Cochrane
An application or loan is reported if it falls into one or more of the following three categories: home purchase loan, home
improvement loan, or refinancing.

1. A home purchase loan is any loan secured by and made for the purpose of purchasing a dwelling.
2. A home improvement loan is (a) any dwelling-secured loan to be used, at least in part, for repairing, rehabilitating,
remodeling, or improving a dwelling (or the real property on which the dwelling is located) or (b) any loan not
secured by a lien on a dwelling to be used, at least in part, for one or more of those purposes that is classified as
a home improvement loan by the institution.
3. A refinancing is any dwelling secured loan that replaces and satisfies another dwelling-secured loan to
the same borrower. See page 29.

Page 52:
Home-equity line of credit means an open-end credit plan secured by a dwelling as defined in Regulation Z (Truth in Lending), 12 C.F.R. part 226.

The mortgage loan referred to in paragraph (e)(1)(iii) of this section was intended by the institution for sale to Fannie Mae or Freddie Mac; and

(2) A for-profit mortgage-lending institution ...(other than a bank, savings association or credit union)....

(2) A non-dwelling secured loan*
a lien on a dwelling that is for the purpose, in whole or in part, of repairing, rehabilitating, remodeling, or improving a dwelling or the real property on which it is located, and that is classified by the financial institution as a home improvement loan.

* Read: a loan not secured by a lien on a dwelling


exceptions galore include preapproval requests that are withdrawn are not reported under HMDA - for example, a pre-approval for a real estate title loan commitment held in a delayed exchange, and a like-kind of exchange, ....like a REMIC where cash receivables are advanced by the mortgagor, the consumer, based upon credit extended and the real estate owned property liens are handled as debt not originated loans until - some event occurs - where the trustee will pull the existing preapproval mortgage folder and ....

secondary market transactions are exceptions, credit extended by private instituttional investors sold back to fannie mae and freddie mac may remain an exception ....

Division of Consumer and Community Affairs of the Federal Reserve Board issues formal staff interpretations of
Regulation C (12 CFR part 203).

Link Congressional Budget Committee CBO & FHA
http://www.scribd.com/doc/110538322/Congressional-Budged-Committee-Modernize-National-Housing-Act-Expanding-American-Homeownership-Act-of-2006-Enable-Federal-Housing-Administration-subs
An application or loan is reported if it falls into one or more of the following three categories: home purchase loan, home
improvement loan, or refinancing.

1. A home purchase loan is any loan secured by and made for the purpose of purchasing a dwelling.
2. A home improvement loan is (a) any dwelling-secured loan to be used, at least in part, for repairing, rehabilitating,
remodeling, or improving a dwelling (or the real property on which the dwelling is located) or (b) any loan not
secured by a lien on a dwelling to be used, at least in part, for one or more of those purposes that is classified as
a home improvement loan by the institution.
3. A refinancing is any dwelling secured loan that replaces and satisfies another dwelling-secured loan to
the same borrower. See page 29.

Page 52:
Home-equity line of credit means an open-end credit plan secured by a dwelling as defined in Regulation Z (Truth in Lending), 12 C.F.R. part 226.

The mortgage loan referred to in paragraph (e)(1)(iii) of this section was intended by the institution for sale to Fannie Mae or Freddie Mac; and

(2) A for-profit mortgage-lending institution ...(other than a bank, savings association or credit union)....

(2) A non-dwelling secured loan*
a lien on a dwelling that is for the purpose, in whole or in part, of repairing, rehabilitating, remodeling, or improving a dwelling or the real property on which it is located, and that is classified by the financial institution as a home improvement loan.

* Read: a loan not secured by a lien on a dwelling


exceptions galore include preapproval requests that are withdrawn are not reported under HMDA - for example, a pre-approval for a real estate title loan commitment held in a delayed exchange, and a like-kind of exchange, ....like a REMIC where cash receivables are advanced by the mortgagor, the consumer, based upon credit extended and the real estate owned property liens are handled as debt not originated loans until - some event occurs - where the trustee will pull the existing preapproval mortgage folder and ....

secondary market transactions are exceptions, credit extended by private instituttional investors sold back to fannie mae and freddie mac may remain an exception ....

Division of Consumer and Community Affairs of the Federal Reserve Board issues formal staff interpretations of
Regulation C (12 CFR part 203).

Link Congressional Budget Committee CBO & FHA
http://www.scribd.com/doc/110538322/Congressional-Budged-Committee-Modernize-National-Housing-Act-Expanding-American-Homeownership-Act-of-2006-Enable-Federal-Housing-Administration-subs

More info:

Published by: Mary Cochrane on Oct 19, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

10/19/2012

pdf

text

original

 
 
 A GUIDE TO
HMDA Reporting
Getting It Right!
EDITION EFFECTIVE JANUARY 1, 2010(For HMDA Submissions due March 1, 2011)
Federal Financial InstitutionsExamination Council
0 1 2 3 4 5 6 7 8 9 - 9 8 7 6 5 4 3 2 1 0
Name of Reporting Institution
City, State, ZIP
Date ApplicationReceived(mm/dd/ccyy) Application orLoan Number
Example of Loan Originated Following PreapprovalExample of Preapproval Request Denied 5 6 7 8 9 0 4 3 2 1 - 1 2 3 4 0 9 8 7 6 506/02/201001/15/2010
LOAN/APPLICATION REGISTER
Page of
L B - 6 8 7 4 3 9
 Application orLoan Information
 All columns (except Reasons for Denial) must be completed for each entry. See t
Example of Application Denied 03/15/2010
 
 A GUIDE TO
HMDA Reporting
Getting It Right!
Edition effective January 1, 2010(for HMDA submissions due March 1, 2011 or later)
 This edition of the
Guide
is the comprehensive edition for use with 2010calendar year data (due March 1, 2011). Appendices include the FederalReserve Board’s Regulation C (Home Mortgage Disclosure); the Instructions forCompletion of the HMDA Loan/Application Register (LAR); the staff commentaryto the regulation; the Home Mortgage Disclosure Act; state and county codes,together with metropolitan statistical area (MSA) and metropolitan division (MD)numbers; contact information for the federal supervisory agencies; and theHMDA poster.June 2010
 
 
ii
Contents
Foreword
iv
Introduction
Purposes of HMDA 1Data Collection, Reporting, and Disclosure in a Nutshell 1Management's Responsibilities 2
 Who Must Report
Coverage Criteria 3Definition of a “Branch Office” 5Mergers and Acquisitions 5Exemptions Based on State Law 6Brokered or Correspondent Loans: Who Reports? 6
Data Reporting in General
 The Loan/Application Register (LAR) 7 Transactions to be Reported 8Information to be Reported about Each Transaction 8 Transactions Not to be Reported 9
Completing the LAR Step by Step
Caveat 10 Application or Loan Information 10 Action Taken 12Property Location 13 Applicant Information 15Sale of the Loan 16Reasons for Denial 16Loan Price and Lien Status 16
Sources of Geographic Information (Geocoding Tools)
18Census Tract Street Address Lookup Resources 18Census Tract Map Resources 18

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->