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The price data take the form of a "rate spread." Lenders must report the spread (difference) between the annual percentage rate (APR) on a loan and the rate on Treasury securities of comparable maturity - but only for loans with spreads above designated thresholds. So rate spreads are reported for some, but not all, reported home loans. The rate spread, along with Lien Status and HOEPA help interpret the pricing data.
- Browse Related Terms: Collateral, creditor, Equity stripping, Home Equity Line of Credit (HELOC), Home Ownership and Equity Protection Act (HOEPA), interest, Interest rate, Loan modification activities, Principal, Rate Spread, Servicemen’s Readjustment Act, Truth-In-Lending Act (TILA)
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Any right, title, interest and claim in and to real property owned by the grantor at the date of execution of the deed of trust or acquired thereafter by said grantor or his successors in interest. To fall under this definition, the real property must be (a) located within an incorporated city or village at the time of the transfer; (b) not exceed 80 acres regardless of location, but not used as agricultural land; or (c) not exceed 40 acres regardless or location or use.
- Browse Related Terms: agent, Beneficiary, Co-Homeowners, Deed, Default, Grantor, Negative Equity, Real property, Title, trust, trust deed, Trustee
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These fields identify why an application was denied. As many as three reasons may be reported. Recording reasons for denial is optional, except for institutions supervised by the Office of Thrift Supervision (OTS)* or the Office of the Comptroller of the Currency (OCC).
* Requirement of reporting reasons for denial for OTS only applies for years 2010 and prior.
- Browse Related Terms: Action Taken Date, Action Taken Type, Applicant Ethnicity, Applicant Race, Applicant Sex, Application Received Date, Co-applicant Ethnicity, Co-applicant Race, Co-applicant Sex, Good Faith Estimate (GFE), Gross Annual Income, Lien Status, Loan Application Number, Loan Application Register (LAR), Panel - HMDA Reporter Panel Listing, Reasons for Denial, Respondent Name, Transmittal Sheet (TS), Type of Purchaser
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the process of replacing an existing mortgage with a new one by paying off the existing debt with a new loan under different terms.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: "Bait-and-switch" schemes, Alt-A Mortgages, Balloon Payment, cash-out refinancing, Collections, Delinquency, Home improvement scams, Loan flip, Loan modification, Mortgage Modification, Prepayment penalty, Prime, Prime Mortgages, Refinance, Subprime, Subprime Mortgages
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The process of paying off an existing mortgage by taking out a new mortgage.
Refinancing is any dwelling-secured loan that replaces and satisfies another dwelling-secured loan to the same borrower. The purpose of the loan being refinanced is not relevant to determining whether the new loan is a refinancing for HMDA purposes. Nor is the borrower's intended use of any additional cash borrowed relevant to determining whether the loan is a refinancing, though the borrower's intended use of the funds could make the transaction a home improvement loan or a home purchase loan. See the definitions of "home purchase loan" and "home improvement loan." Also see the rule on multipurpose loans on page 12 of the HMDA guide (http://www.ffiec.gov/hmda/guide.htm).
- Browse Related Terms: Dwelling, Home Improvement Loan, Home Purchase Loan, Loan Purpose, Occupancy, Property Type, Refinancing
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a process where a homeowner promises to pay down past due amounts on a mortgage while continuing to make regular monthly payments on a property
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Chapter 13 Bankruptcy, Debt-to-income (DTI), Escrow, Escrow Account, Escrow Analysis, Forbearance, Home Affordable Unemployment Program (UP), Housing expense, Monthly Gross Income (MGI), Mortgage Payment, Mortgage Payment Guideline, Pricipal, interest, taxes, insurance and homeowners association dues (PITIA), Primary or Principal Residence, Repayment Plan, Servicer, Underwriting
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The name of the HMDA reporting institution.
- Browse Related Terms: Action Taken Date, Action Taken Type, Applicant Ethnicity, Applicant Race, Applicant Sex, Application Received Date, Co-applicant Ethnicity, Co-applicant Race, Co-applicant Sex, Good Faith Estimate (GFE), Gross Annual Income, Lien Status, Loan Application Number, Loan Application Register (LAR), Panel - HMDA Reporter Panel Listing, Reasons for Denial, Respondent Name, Transmittal Sheet (TS), Type of Purchaser
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A ten-digit number used to identify a HMDA reporting institution. RIDs often require leading zeros to meet the length requirement. For example, if the source number is 12345, the ten-digit RID number is 0000012345. The number, which is assigned by each supervisory/regulatory agency, along with the agency code keeps an institution separate and unique from another.
Beginning with the reporting of 2011 HMDA data, the RID number used by each agency for the depository and nondepository institutions as well as their agency code are shown in the table below. The RID and agency code rules below do not apply to the resubmission of 2010 HMDA data. If your institution has to resubmit 2010 HMDA data, use the RID number and agency code that was used on the initial 2010 HMDA report.
In situations where an acquisition or merger has occurred, please email [email protected] for assistance on determining the RID number and agency code.
Agency Depository Institutions Nondepository Institutions Agency Code CFPB1/ RSSD number Federal Tax ID number 9 FDIC2/ FDIC certificate number2/a/ Federal Tax ID number2/a/ 3 FRS2/ RSSD number RSSD number2/b/ 2 HUD Has no depository institutions Federal Tax ID number 7 NCUA Charter number Federal Tax ID number 5 OCC Charter number Federal Tax ID number 1 OTS2/ Docket number2/c/ Federal Tax ID number2/c/ 1 1/The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) established the Consumer Financial Protection Bureau (CFPB) to consolidate in one agency certain federal consumer financial protection authorities previously held by seven transferor agencies. The functions of the Bureau include being the agency with HMDA reporting responsibility for very large banks, thrifts, credit unions (those with over $10 billion in assets) and their affiliates (including affiliates that are themselves banks, thrifts, or credit unions regardless of asset size and subsidiaries of such affiliates). Agency code nine (9) should be used by all CFPB reporters on their 2011 HMDA report.
2/According to the provisions of the Dodd-Frank Act, the OTS's functions were transferred to other agencies as of July 21, 2011. While most of its functions were transferred to the OCC, certain other authorities of the OTS transferred to the FDIC, the FRB, and the CFPB. For example, the OCC is the primary prudential regulator over all Federally-Chartered thrifts and their mortgage subsidiaries; the FDIC is the prudential regulator over all State-Chartered Thrifts and their mortgage subsidiaries; and the FRS is the prudential regulator over all Thrift Holding Company entities. The agency codes that should be used on the 2011 HMDA reports for OCC, FDIC, and FRS are one (1), three (3) and two (2), respectively.
2/a/Beginning with the reporting of 2011 HMDA data, those OTS State-Chartered thrifts that transferred to FDIC will use their appropriate FDIC Certificate number. The mortgage subsidiaries (nondepository institutions) of those State-Chartered thrifts that transferred to FDIC will use their Federal Tax ID number with the leading zero excluded and the hyphen included. Both institution types will use agency code three (3) for FDIC-regulated.
2/b/Beginning with the reporting of 2011 HMDA data, those mortgage subsidiaries (nondepository institutions) of Thrift Holding Company entities that transferred to FRS will use their RSSD ID with an agency code of 2.
2/c/There are changes regarding the RID number and its format of those OTS depository and nondepository institutions that transferred to OCC. Beginning with the reporting of 2011 HMDA data, the Federally-Chartered thrifts (depository institutions) will include 700000 + the docket number. Thus, if the docket number of the thrift was 367, the HMDA 10-digit RID number will be 0000700367. The mortgage subsidiaries (nondepository institutions) of those Federally-Chartered thrifts that transferred to OCC will use their Federal Tax ID number with the leading zero excluded and the hyphen included (for example NN-NNNNNNN). Both institution types will use agency code one (1) for OCC-regulated.
- Browse Related Terms: Agency Code, Branch Office, Capitalization, Depository Institution, Federal Financial Institutions Examination Council (FFIEC), Federal Home Loan Bank Act of 1932, Federal Home Loan Bank Board (“FHLBank Board”), Federal Home Loan Banks (FHLBanks), Federal Housing Administration (FHA), Federal Savings and Loan Insurance Corporation (FSLIC), FHA Approved Lenders, Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Nondepository Institution, Respondent or Reporter ID (RID), Thrift
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Period of three full days after closing in which the consumer is allowed to negate an owner occupied refinance transaction.
- Browse Related Terms: Adjustable-Rate Mortgage (ARM), amortization, balloon mortgage, Convertible ARM, Debarment, Fixed-Rate Mortgage (FRM), Interest-only mortgage, Lock-In, Lock-in agreement, Mortgage life insurance, Negative amortization, Payment Cap, Right of rescission, Self-Amortizing Loans, Swap, term, Weighted Average Life (WAL)
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