What is the action taken Date for HMDA?

Action Taken Date The settlement or closing date for originations. For applications that did not result in an origination, the date when the action was taken or when the notice was sent to the applicant is entered.

What are the three 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• Reporting Withdrawn rather than Approved Not Accepted.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)

What 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.

How many categories reported to HMDA?

five
The regulation does limit how many selected categories may be reported. The 2018 HMDA regulation states that only five aggregate race categories and race subcategories combined can be reported.

What does action taken on date of contact mean?

The date that the borrower contacted the lender to withdraw the application is reported as the Action Taken Date.

Can a borrower be removed from a mortgage application?

To remove your own name from a mortgage, you and your co-borrower can ask the lender for an assumption or modification that would remove your name from the loan. If the lender won’t change the existing loan, your co-borrower will need to refinance the home into a new mortgage.

What are the penalties for HMDA violations?

What Are the Penalties? Penalties for violating the HMDA can be financially severe, as one national mega independent mortgage company discovered in 2017 when they were fined $1.75 million for failing to report on mortgage transactions between 2012 and 2014.

Who is responsible for HMDA reporting if multiple entities are involved in the origination of a covered loan?

Only one financial institution reports each originated covered loan as an origination. If more than one institution was involved in the origination of a covered loan, the financial institution that made the credit decision approving the application before closing or account opening reports the loan as an origination.

What lending transactions are excluded from 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.

What are the 3 purposes of HMDA?

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 …

Can you terminate an employee for looking for another job?

Typically, yes. Your California employer can legally terminate your employment because you are actively searching for a new job. However, it is essential to discuss the details of your case with a Los Angeles wrongful-termination attorney to determine whether you could sue your employer for the firing.

Can you remove someone’s name from a mortgage without refinancing?

Legally remove ex name from mortgage without refinancing If you need to remove your ex’s name from a mortgage without refinancing, you could request a quitclaim deed (a legal document that allows you to transfer interest in real estate as a grantor to a grantee).

How do I remove my ex husband from my mortgage?

If your ex-spouse is on the mortgage with you, there are a couple of ways to remove their name from the mortgage:

1. Release of liability: First, you can ask your lender for a release of liability.
2. Refinance: If you can’t get a release of liability, then the only other option is to refinance your mortgage.

Can HMDA violations include civil money penalties?

In addition, the guidance states that the Bureau may seek civil money penalties for HMDA violations depending on such factors as (i) size of financial resources and good faith effort of compliance by the institution; (ii) gravity of the violations or failure to pay; (iii) severity of harm to consumers; (iv) history of …

Which document actually contains the borrowers promise to repay the loan?

promissory note
A promissory note is a document that contains a borrower’s promise to repay the amount borrowed Promissory notes and mortgages/deeds of trust are transferable. When a loan changes hands, the promissory note is endorsed (signed over) to the new owner. …

Which example would be reported for the action taken as approved but not accepted?

If the loan was approved before closing but the applicant either failed to respond or the loan was not otherwise closed, then the action taken would be reported as approved but not accepted.

What is 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 acts does the HMDA enforce?

The Home Mortgage Disclosure Act (HMDA) requires many financial institutions to maintain, report, and publicly disclose loan-level information about mortgages.

What is the claim status?

Claim Status. A health care claim status inquiry and response transaction is a communication between a provider and a payer about a health care claim. A claim status transaction is used for: • An inquiry from a provider to a health plan about the status of a health. care claim.

Can a company contact your current employer without permission?

Prospective employers usually understand the nature of a confidential job search and will not contact your current employer unless given permission to do so. Still, it’s a good idea to let anyone know your current employer is unaware of your job search and ask that they respect your privacy.

Can you take someone off a mortgage without them knowing?

You usually do this by filing a quitclaim deed, in which your ex-spouse gives up all rights to the property. Your ex should sign the quitclaim deed in front of a notary. One this document is notarized, you file it with the county. This publicly removes the former partner’s name from the property deed and the mortgage.

Can I force my ex to take my name off the mortgage?

Since you are still on the loan and title, you are also allowed to shop around. However, without a cooperating lender, you cannot force her to do the impossible.