Contents of the HMDA data collection for 2017 and prior: The date of application. The loan type (conventional loan, FHA loan, VA loan or a loan guaranteed by the Farmers Home Administration) The type of property involved (single-family, multifamily)
- 1 What loan type is not included in the Home Mortgage Disclosure Act?
- 2 What loans are subject to HMDA?
- 3 What type of loans are HMDA reportable?
- 4 What does the Home Mortgage Disclosure Act do?
- 5 Which statement is true about interest rate buydowns on FHA loans?
- 6 What is a covered loan?
- 7 What type of transactions are subject to Regulation C requirements?
- 8 What loans are excluded from HMDA reporting?
- 9 What qualifies as a HMDA loan?
- 10 What transactions are reportable in HMDA?
- 11 Which is considered a voluntary lien?
- 12 What lending transactions are excluded from HMDA?
- 13 What is the primary purpose of the Home Mortgage Disclosure Act quizlet?
- 14 What is MAP rule?
- 15 Why did Congress enact the Home Mortgage Disclosure Act quizlet?
What loan type is not included in the Home Mortgage Disclosure Act?
The following are excluded from the rate-spread reporting requirement: (1) applications that are incomplete, withdrawn, denied, or approved but not accepted; (2) purchased loans; (3) home-improvement loans not secured by a dwelling; (4) assumptions; (5) home equity lines of credit; and (6) loans not subject to
What loans are subject to HMDA?
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.
What type of loans are HMDA reportable?
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.
What does the Home Mortgage Disclosure Act do?
The Home Mortgage Disclosure Act (HMDA) requires many financial institutions to maintain, report, and publicly disclose loan-level information about mortgages.
Which statement is true about interest rate buydowns on FHA loans?
Which statement is true about interest rate buydowns on FHA loans? Borrowers must qualify at the note rate. What is the adjustable number used to compute the interest rate on an ARM called?
What is a covered loan?
Covered loan means a closed-end mortgage loan or an open-end line of credit that is not an excluded transaction under 1003.3 (c).
What type of transactions are subject to Regulation C requirements?
Beginning on January 1, 2018, Regulation C applies to business-purpose, closed-end loans and open-end lines of credit that are dwelling-secured and are home purchase loans, home improvement loans, or refinancings.
What loans are excluded from HMDA reporting?
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.
What qualifies as a HMDA loan?
Any loan used, at least in part, for the purpose of improving or remodeling a home whether it is secured or unsecured by real estate, is considered a home improvement loan. The loan can also be used to improve the property the home is on. These types of loans are HMDA-reportable to the FFIEC via the LAR log sheet.
What transactions are reportable in HMDA?
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. These materials illustrate one approach to help determine whether a transaction involves a Covered Loan.
Which is considered a voluntary lien?
A voluntary lien is a claim that one person has over the property of another as security for the payment of a debt. A voluntary lien is contractual or consensual, meaning that the lien is created by an action taken by the debtor, such as a mortgage loan to buy real estate.
What lending transactions are excluded from HMDA?
The following are excluded transactions: 1. A closed-end mortgage loan or an open-end line of credit that a financial institution originates or purchases in a fiduciary capacity, such as a closed-end mortgage loan or an open-end line of credit that a financial institution originates or purchases as a trustee.
What is the primary purpose of the Home Mortgage Disclosure Act quizlet?
2 The data-related requirements in HMDA and Regulation C serve three primary purposes: (1) to help determine whether financial institutions are serving their communities’ housing needs; (2) to assist public officials in distributing public investment to attract private investment; and (3) to assist in identify ing
What is MAP rule?
The Mortgage Acts and Practices – Advertising Rules (MAP Rules) are designed to prohibit misrepresentations in a commercial communication regarding mortgage products.
Why did Congress enact the Home Mortgage Disclosure Act quizlet?
Main purpose of HMDA? meeting the credit needs of the people in the neighborhoods and communities they serve. to attract investments from the private sector. The Home Mortgage Disclosure Act (HMDA) was enacted by Congress in 1974 and has been implemented by the Federal Reserve Board’s Regulation C.