{"id":1562,"date":"2019-03-07T18:32:07","date_gmt":"2019-03-07T18:32:07","guid":{"rendered":"https:\/\/albanknews.com\/?p=1562"},"modified":"2019-03-07T18:32:15","modified_gmt":"2019-03-07T18:32:15","slug":"compliance-qa-refinancing-a-second-home","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=1562","title":{"rendered":"Compliance Q&A: Refinancing a Second Home"},"content":{"rendered":"\n

Question:<\/strong><\/p>\n\n\n\n

We have a question on a loan that is a refinance of a purchase of a second home and is adding funds to pay off personal credit cards. Should be report the HOEPA Status as “Code 3 – NA”?<\/p>\n\n\n\n

Answer:<\/strong><\/p>\n\n\n\n

Assuming the loan is just secured by the second home and is not also secured by the principal dwelling, then yes, it should be reported as “Code 3 – NA” like you said. The reason for this is that HOEPA only applies to: <\/p>\n\n\n\n

…a high-cost mortgage, which is any consumer credit transaction that is secured by the consumer’s principal dwelling…<\/em><\/p>\n\n\n\n

https:\/\/www.consumerfinance.gov\/policy-compliance\/rulemaking\/regulations\/1026\/32\/<\/a><\/p>\n\n\n\n

So the HOEPA rules do not apply to this particular loan and, thus, it would be reported as not applicable for HMDA purposes.<\/p>\n\n\n\n

\n\n\n\n

Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933<\/strong> or email info@compliancealliance.com<\/a><\/strong>.<\/p>\n\n\n\n

Not a member? <\/strong>Learn more about membership with Compliance Alliance by attending one of our live demos:<\/p>\n\n\n\n

\u00b7         Live Demo on Tuesday, March 12th<\/sup> @ 10:00am CT.<\/a><\/strong><\/p>\n\n\n\n

\u00b7         Live Demo on Thursday, March 14th<\/sup> @ 1:00pm CT.<\/a><\/strong><\/p>\n\n\n\n

Compliance rules and regulations change quickly! For timely compliance updates, subscribe to Compliance Alliance\u2019s email newsletters<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Question: We have a question on a loan that is a refinance of a purchase of a second home and is adding funds to pay off personal credit cards. Should be report the HOEPA Status as “Code 3 – NA”? Answer: Assuming the loan is just secured by the second home and is not also secured by the principal dwelling, then yes, it should be reported as “Code 3 – NA” like you said. The reason for this is that HOEPA only applies to:  …a high-cost mortgage, which is any consumer credit transaction that is secured by the consumer’s principal […]<\/p>\n","protected":false},"author":1,"featured_media":1070,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19,33,25,23],"tags":[],"class_list":["post-1562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","category-compliance-qa","category-industry-reports","category-publications","has_thumb"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/albanknews.com\/wp-content\/uploads\/2017\/11\/compliance-alliance.png?fit=800%2C800&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p4Y3P2-pc","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/1562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1562"}],"version-history":[{"count":1,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/1562\/revisions"}],"predecessor-version":[{"id":1564,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/1562\/revisions\/1564"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/media\/1070"}],"wp:attachment":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}