FORUM PROFILE

Reporting a loan originated in 2010 but sold in 2011

Home Forums Home Mortgage Disclosure Act Reporting a loan originated in 2010 but sold in 2011

Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • #2326
    compdud
    Participant

    We have a loan that was originated in 2010 and was reported appropriately. We participated 60% of the loan to another bank in 2011. Do we need to report anything for 2011?

    #2859
    JGo9
    Participant

    In glancing at the HMDA guide to getting it right and by looking at the information that is reported on the LAR, I would say that you would not report the loan again.

    To my knowledge there is no way to indicate on the LAR that the loan or a portion of the loan is sold.

    On page 9 of the Guide to Getting it Right it states under the heading Transactions Not to be Reported:

    The acquisition of only a partial interest in a home purchase or home improvement loan or a refinancing by your institution, even if you have participated in the underwriting and origination of the loan (such as in certain consortium loans).

    I know you were the seller and not the buyer to it seems closely related and the closest think I found to your situation.

    #2862
    jholzknecht
    Keymaster

    You indicate the type of entity to which a loan is sold only when the loan is originated in a given year and then is sold to another entity in the same year; otherwise enter code 0.

Viewing 3 posts - 1 through 3 (of 3 total)
  • You must be logged in to reply to this topic.