What is a "mortgage bank" for purposes of [HMDA] code '7'?

Compliance > Regulation C - HMDA > FFIEC FAQs
Q:  What is a "mortgage bank" for purposes of [HMDA] code '7'?
A:  A "mortgage bank," often referred to as a mortgage company, means, for these purposes, a non-depository institution that purchases mortgage loans and typically originates such loans. A "mortgage bank" might be an affiliate or a subsidiary of a bank or thrift holding company or it might be an independent mortgage company. In either case, use code '7' - unless the purchaser is an affiliate of the seller, itself, in which case use code '8'.

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

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