- This topic has 1 reply, 2 voices, and was last updated 1 year, 7 months ago by
.
-
Posts
-
In a scenario where the same applicant applies for both a Residential Mortgage loan and also a HELOC (simultaneous), should a demographic sheet be collected (is it required) for both loans or can just 1 be used and relied on for HMDA reporting?
Regulation C (HMDA) requires institutions to report lending data to their supervisory agencies on a loan-by-loan and application-by-application basis by way of a “register” reporting format. Based on this direct requirement, I would say you do have to collect the information at the time of application for each of the loans.
NOTICE: This email message, including any attachments, is intended only for the addressee, and may contain confidential and privileged information either as protected work product or confidential client information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, do not read, copy, retain, or disseminate this message or any attachment, and please contact the sender by reply e-mail or at 888.760.5646 and destroy all copies of the original message and attachments. Neither the transmission of this message or any attachment, nor any error in transmission or misdelivery shall constitute waiver of any applicable legal privilege.
THIS EMAIL AND ITS ATTACHMENTS DO NOT CONSTITUTE LEGAL ADVICE
- You must be logged in to reply to this topic.