FRB FAQs-How do we determine the appropriate purchaser type code when the contract does not specify the company's type and the bank's contact at the company cannot help determine the purchaser type?

Compliance > Regulation C - HMDA > FRB FAQs
Q:  How do we determine the appropriate purchaser type code when the contract does not specify the company's type and the bank's contact at the company cannot help determine the purchaser type?
 
A:  The institution has an obligation to ensure that it reports the purchaser type correctly on its HMDA LAR. Therefore, the institution should conduct the research necessary to determine the appropriate purchaser code to report.
 
 

This can be found in - HMDA FAQ#21 of the FAQs.  The Federal Reserve Board FAQs can be found at: https://consumercomplianceoutlook.org/2011/second-quarter/hmda-and-cra-data-reporting/

 

Add Feedback