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Re: HMDA Reporting/Correspondent-Broker

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#3048
dmurray
Participant

Check the HMDA Guide, it talks about “Brokered Loans”. There’s a few clauses that depend on who underwrites the loan.

Another thing to consider is, are you going to close these loans before finding out if the other bank will purchase? Or are you underwriting w/ their standards in hopes that they’ll purchase? This will make a lot of difference with your HMDA reporting.

Hope this helps!