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Does a lender have to report information on applications and loans involving reverse mortgages?Answer: Reverse mortgages are subject to the general rule that lenders must report applications or loans that meet the definition of a home purchase loan, home improvement loan, or refinancing (.A program, regardless of its name, is not a "preapproval program" for purposes of HMDA if the program does not meet the specifications in the regulation.

Answer: No, the satisfaction of a lien is neither necessary nor sufficient to create a reportable refinancing.

The credit obligation must be satisfied and replaced; it is not relevant whether the lien is satisfied and replaced.

Answer: No, a transaction is not reportable as a home purchase loan or refinancing unless the credit obligation, itself, is secured by a dwelling. An obligation not secured by a dwelling is reportable as a home improvement loan only if classified by the lender as a home improvement loan. Return to subject Return to top Refinancing --- satisfaction of lien.

Is the satisfaction of a lien (mortgage) relevant to determining whether an obligation is a reportable refinancing?

Answer: Customary loan-commitment or loan-closing conditions include clear-title requirements, acceptable property survey, acceptable title insurance binder, clear termite inspection, and, where the applicant plans to use the proceeds from the sale of one home to purchase another, a settlement statement showing adequate proceeds from the sale. An applicant's failure to meet one of those conditions, or an analogous condition, causes the application to be coded "approved but not accepted." Customary loan-commitment and loan-closing conditions do not include (1) conditions that constitute a counter-offer, such as a demand for a higher down-payment; (2) underwriting conditions concerning the borrower's creditworthiness, including satisfactory debt-to-income and loan-to-value ratios; or (3) verification or confirmation, in whatever form the lender ordinarily requires, that the borrower meets underwriting conditions concerning borrower creditworthiness.

Return to subject Return to top Conditional approvals---failure to satisfy creditworthiness conditions.If an obligation satisfies and replaces another obligation, is the purpose of the replaced obligation relevant to whether the new obligation is a reportable "refinancing" under Regulation C? The new definition of a reportable refinancing looks only to whether (1) an obligation satisfies and replaces another obligation and (2) each obligation is secured by a dwelling. Thus, for example, a satisfaction and replacement of a loan made for a business purpose is a reportable refinancing if both the new loan and the replaced loan are secured by a dwelling.Return to subject Return to top Refinancing --- line of credit.The examples indicate that financing is temporary if it is designed to be replaced by permanent financing of a much longer term.A loan is not temporary financing merely because its term is short.An element of the definition of "preapproval request" is the existence of a "program." How is it determined whether a program exists?


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