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The HMDA-LAR must be submitted to the financial institution's regulatory agency by March 1 following the calendar year covered by the data.
If a mortgage lender maintains a preapproval program under HMDA, the lender must report preapprovals that are (i) denied or (ii) approved but not accepted.
Your bank might use the terms interchangeably but it's important you understand the difference so you don't end up in hot water with your examiners! If you have a pre-approval program, it's a big deal because it's something you are required to report on your HMDA-LAR.
Chattel is personal property that can be moved. Chattel includes things such as furniture and jewelry. Mobile homes are chattel because they are not a permanent part of the land and can be moved. Chattel quickly depreciates and improvements typically do not increase its value.
The excluded transaction provides or proposes to provide funds that are not part of any existing debt obligation of the borrower and that are then consolidated or proposed to be consolidated with an existing debt obligation or obligations as part of the supplemental mortgage.
The following are excluded from the rate-spread reporting requirement: (1) applications that are incomplete, withdrawn, denied, or approved but not accepted; (2) purchased loans; (3) home-improvement loans not secured by a dwelling; (4) assumptions; (5) home equity lines of credit; and (6) loans not subject to ...
The traditional mortgage is only for stationary property. It's suited for long-term real estate investments. Chattel loans are for property that can be easily moved. They're also an option for borrowers who want their loans approved faster and with shorter repayment times.
By chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. If the movable, instead of being recorded, is delivered to the creditor or a third person, the contract is a pledge and not a chattel mortgage.