What qualifies as a HMDA reportable loan?

A consumer purpose, dwelling secured loan is HMDA reportable regardless of purpose. … A business purpose, dwelling secured loan is only HMDA reportable if the purpose of the loan is to purchase a dwelling, refinance a dwelling or improve a dwelling or the real property on which the dwelling is located.

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In this regard, are HMDA loans denied reportable?

If the HMDA reportable loan was denied, an institution must report the principal reasons for denial. This reporting requirement not only applies to complete applications, an institution must also report the reasons for denial when an institution denies a request for a preapproval.

Correspondingly, are loan renewals HMDA reportable? Question: When doing a renewal, with or without new money, either a term loan or line of credit and the original purpose was either purchase, refinance or home improvement secured by dwelling is it HMDA reportable? … Lines of credit are optional reporting.

Also know, are second homes HMDA reportable?

A financial institution must report whether the property will be used by the applicant as a principal residence, a secondary residence, or as an investment property. … An investment property for HMDA purposes is a dwelling that the borrower does not occupy at any time.

Can a loan be HMDA and CRA reportable?

Loans Reportable for both CRA and HMDA

A loan for multifamily affordable housing is unique because it is the only loan type that is reportable under both the CRA and HMDA data series. A multifamily affordable housing loan would be reported as a home mortgage loan for HMDA and as a community development loan for CRA.

Is a bridge loan HMDA reportable?

Regulation C makes it clear in §1003.4(d)(3) that construction loans and bridge loans are not to be reported.

Is a home equity loan HMDA reportable?

Question: Are All Home Equity Loans HMDA Reportable? Answer: No, the only loans that are HMDA reportable are home purchase loans, refinance of home purchase loans, and home improvement loans.

Is multifamily HMDA reportable?

For HMDA reporting, a multifamily dwelling is a residential structure that houses five or more families. Even though condominium buildings can house five or more families, if each unit is individually owned, then the dwellings should be reported as one-to-four family dwellings, not multifamily property.

What are HMDA reportable transactions?

Under HMDA and Regulation C, a transaction is reportable only if it is an Application for, an origination of, or a purchase of a Covered Loan. … If the transaction involves a Covered Loan, it is reported only if the institution meets the applicable loan-volume thresholds.

What is not HMDA reportable?

If the loan was to purchase a commercial dwelling, it must be secured by a dwelling to be HMDA reportable. If the purchase money loan was secured by a commercial office building (not a dwelling) or a CD, it is not reportable even though the purpose was to purchase an apartment building or a rental property.

What loans are not covered under HMDA?

A loan refinancing and a loan made for another consumer purpose are both covered loans. Temporary financing such as a construction loan is not covered.

What loans are reported to HMDA?

Reporting Format

Financial institutions are required to record data regarding each application for, and each origination and purchase of, home purchase loans, home improvement loans, and refinancings on a Loan/Application Register, also known as the HMDA-LAR.

What makes a commercial loan HMDA reportable?

Under Regulation C if a closed-end mortgage loan or an open-end line of credit is for commercial/business purpose and is secured by a dwelling and is for a home purchase, refinance (dwelling secured loan replacing dwelling secured loan) or home improvement then it is HMDA reportable.

What type of loans are HMDA reportable in 2018?

Identifying HMDA Reportable Transactions

§1003.3(c), an institution subject to HMDA must report all consumer closed‑end mortgage loans and open-end lines of credit secured by a dwelling.

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