Under HMDA, which of the following loan applications must be reported?
Correct Answer
B) A home improvement loan of $15,000 secured by a dwelling
Under Regulation C, home improvement loans secured by a dwelling must be reported regardless of amount. Business loans, temporary financing, and unsecured loans are generally excluded from HMDA reporting requirements.
Why This Is the Correct Answer
Under Regulation C, home improvement loans secured by a dwelling must be reported regardless of amount. Business loans, temporary financing, and unsecured loans are generally excluded from HMDA reporting requirements.
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A mortgage company's annual privacy notice includes an opt-out mechanism for information sharing. Three years later, a customer who previously opted out contacts the company wanting to opt back in to receive marketing offers. Under GLBA, the company:
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A borrower submits a complete application on Wednesday at 3:00 PM. The lender's office is closed Thursday for a federal holiday and Friday for a company holiday. When must the Loan Estimate be delivered to comply with TRID timing requirements?