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Get Since A Reverse Mortgage Is A Refinance Must It Be Reported For HMDA Purposes

Eported. Does that mean all reverse mortgages are reportable then, or is FFIEC only referring to a HECM refinance? No. See above. The FFIEC is referring to a reverse mortgage that qualifies as open end credit (i.e., a "reverse HELOC"). Most lenders treat most reverses on the market today as open end credit. That may change in the future as some lenders may start to offer closed end reverse mortgages. If the borrower sets up a line of credit, does the lender has to report the loan for HMDA purpos.

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