[Theda Anderson]

1. If the appraisal is a drive by and we can’t confirm the plate on the manufactured home, should we call it a site built or manufactured home? Just to clarify, if the plate has been removed by the client we should call it site built?
2. Is a refinance with any cash out to the client considered a cash out or is there a threshold of amount. We realize the definition is different with the GSEs.
3. If an application is taken in 2019 and the loan doesn’t close until 2020, can you confirm which year it is to be reported? If it’s 2019 what would the action taken be if it hasn’t been sold to a GSE yet?

[rcooper]

1) The commentary says that you can generally have a plate and HUD certificate, but that doesn’t mean it always will be there (e.g. it could have been removed). Most of the time you will be able to rely on this, but I also think there are times when it may not be affixed that you might have to do a little more digging to make that determination.

1003.2(l)-2. Identification. A manufactured home will generally bear a data plate affixed in a permanent manner near the main electrical panel or other readily accessible and visible location noting its compliance with the Federal Manufactured Home Construction and Safety Standards in force at the time of manufacture and providing other information about its manufacture pursuant to 24 CFR 3280.5. A manufactured home will generally also bear a HUD Certification Label pursuant to 24 CFR 3280.11.

2) From the HMDA GIR Guide (Section 5.7, p. 70):
4. Cash-out Refinancing. A Financial Institution reports a Covered Loan or an Application
as a cash-out Refinancing if it is a Refinancing and the Financial Institution considered it to
be a cash-out Refinancing when processing the Application or setting the terms under its or
an investor’s guidelines. For example, if a Financial Institution considers a loan product to
be a cash-out Refinancing under an investor’s guidelines because of the amount of cash
received by the borrower at closing or account opening, it reports the transaction as a cashout
Refinancing. If a Financial Institution does not distinguish between a cash-out
Refinancing and a Refinancing under its own guidelines, sets the terms of all Refinancings
without regard to the amount of cash received by the borrower at loan closing or account
opening, and does not offer loan products under investor guidelines, it reports all
Refinancings as Refinancings, not cash-out Refinancings. Comment 4(a)(3)-2.

NOTE: Also take a look at the examples in the commentary 1003.4(a)(3)-2

3) Comment 1003.4(a)(8)ii-5 says:
Action taken date—originations. For covered loan originations, including a preapproval request that leads to an origination by the financial institution, an institution generally reports the closing or account opening date. For covered loan originations that an institution acquires from a party that initially received the application, the institution reports either the closing or account opening date, or the date the institution acquired the covered loan from the party that initially received the application. If the disbursement of funds takes place on a date later than the closing or account opening date, the institution may use the date of initial disbursement. For a construction/permanent covered loan, the institution reports either the closing or account opening date, or the date the covered loan converts to the permanent financing. Although an institution need not choose the same approach for its entire HMDA submission, it should be generally consistent (such as by routinely using one approach within a particular division of the institution or for a category of covered loans). Notwithstanding this flexibility regarding the use of the closing or account opening date in connection with reporting the date action was taken, the institution must report the origination as occurring in the year in which the origination goes to closing or the account is opened.

Starting on p. 110 of the GIR https://www.ffiec.gov/hmda/pdf/2019guide.pdf, you’ll see that you enter n/a if the loan is not sold within the same calendar that you orignated the covered loan.

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