What types of loans are not HMDA reportable?

If the purchase money loan was not secured by a residential dwelling, it would not be reportable even though the purpose was to purchase a primary home, vacation home, or a rental home. Loans to purchase rental property (1-4 family or manufactured home) are reportable if the loan is not temporary financing.

What is not reported under HMDA?

Loan Purpose, Preapproval, Construction Method, Occupancy Type, Loan Amount, Action Taken, Action Taken Date, Lien Status, Balloon Payment, Interest-Only Payments, Negative Amortization, Other Non-Amortizing Features, Total Units, Reverse Mortgage, Open-End Line of Credit, and Business or Commercial Purpose.

Are HMDA loans denied reportable?

If the HMDA reportable loan was denied, an institution must report the principal reasons for denial. For loans that were not denied, this data point should be reported as being not applicable.

What transactions is covered by HMDA?

If a threshold is met, the institution reports all Applications for Covered Loans that it receives, Covered Loans that it originates, and Covered Loans that it purchases for that type of transaction (either Closed-End Mortgage Loan or Open-End Line of Credit, or both, if both thresholds are met).

What loan types are HMDA reportable?

Thus, a financial institution must collect, record, and report data for dwelling-secured, business-purpose loans and lines of credit that are home improvement loans, home purchase loans, or refinancings if no other exclusion applies.

Are 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.

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.

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 loan CRA reportable?

Aggregate Reporting or equal to $250,000, and · more than $250,000. Institutions must also report loans to businesses and farms with gross annual revenues of $1 million or less, using the revenues that the institution considered in making its credit decisions.

Which loans are subject to HMDA?

Non-depository mortgage lenders (such as mortgage bankers and mortgage brokers) are currently subject to HMDA if, in general, their home purchase loan originations (including refinancings of home purchase loans) equal or exceed 10 percent of the lender’s total loan origination volume or if the lender makes at least 100 HMDA-covered loans.

What is considered a HMDA loan?

Definition of HMDA home improvement loan: (g) Home improvement loan means: (2) A non-dwelling secured loan 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.

Are pre-qualifications HMDA reportable?

HMDA – pre-qualifications are not reportable. However, if you have a qualified pre-approval program then your application date will be the date the pre-approval request was received for HMDA reporting purposes.

What are the uses of HMDA data?

HMDA data are used by examiners, community groups and consumer advocates to identify potential fair lending risks. Sometimes, HMDA data are cited in the press as evidence of discrimination when, for example, very high interest rates are more common on mortgages to persons of color than those on mortgages to others.