If a lender reports an application or loan for a reverse mortgage, does the lender have to report a rate spread?

Compliance > Regulation C - HMDA > FFIEC FAQs
Q:  If a lender reports an application or loan for a reverse mortgage, does the lender have to report a rate spread?
 
A:  Yes, unless the reverse mortgage is a HELOC, for which lenders are not required to report rate spread. See HELOCs—rate spread not reported.
 

This can be found in FFIEC’s FAQs on HMDA-related questions, which can be found at:  http://www.ffiec.gov/hmda/faq.htm

Add Feedback