Are Purchased loans HMDA reportable?

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.

What does I do not wish to furnish this information mean?

For example, if, on an application submitted by mail, an applicant marks a box indicating the applicant does “not wish to furnish” government monitoring information but supplies some or all of the information, the lender must report the information supplied.

What are loan purpose codes?

Loan Purpose Code is used primarily for reporting the reason for the loan and, just as importantly, how it should be reported to the credit bureau and HMDA. Each Purpose Code can be flagged with one credit bureau account type code (such as 00 for Auto or 01 for Unsecured).

Which one of the following transactions must be reported under HMDA?

HMDA requires lenders to report the ethnicity, race, gender, and gross income of mortgage applicants and borrowers. Lenders must also report information regarding the pricing of the loan and whether the loan is subject to the Home Ownership and Equity Protection Act, 15 U.S.C. 1639.

What is considered a purchase of a covered loan?

A purchased loan is generally a closed-end mortgage loan or an open-end line of credit that is acquired from another entity where the entity purchasing the loan was not the entity making the original credit decision at the time the loan was originated.

What types of loans are not HMDA reportable?

HMDA Status: Although this loan is to an individual and the primary residence secures the loan, this loan is a business purpose loan. Business purpose loans are only reported if the purpose is to purchase, refinance or improve a dwelling. This loan would not be HMDA reportable.

What of the following transactions are excluded from reporting under HMDA?

Generally, a loan or line of credit must be secured by a Dwelling to be a Covered Loan. The 2015 HMDA Rule also lists Closed-End Mortgage Loans and Open-End Lines of Credit secured only by vacant or unimproved land as Excluded Transactions.

Are all home equity loans 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.

Where can I find HMDA data?

For HMDA data and reports for prior years, visit https://www.ffiec.gov/hmda/hmdaproducts.htm. For information about changes to HMDA Publications visit Publication Updates & Notes.

What transactions are not HMDA reportable?

What are the most common errors in HMDA reporting?

Common HMDA Errors to Check Before Filing

  • Reporting Cash-out Refinancing rather than Refinancing for the Loan Purpose.
  • Reporting Withdrawn rather than Approved Not Accepted.
  • Reporting the wrong score (or not reporting one at all for loans approved but not accepted)