Assumptions & Rate Spread
We report assumptions as a new application, and as an origination if it goes through. The borrower is assuming the all the terms of the old loan, including the rate. Because of the time that has passed from when the loan originally funded, most likely pre-rate spread reporting days, how can I report this, or do I even need to?
The answer to your question can be found at [url]http://www.ffiec.gov/hmda/faqreg.htm#rate[/url], but the short answer the rate spread does not need to be reported. The question on the FFIEC FAQ page is "Must lenders report the rate spread for assumptions that are reportable under HMDA?", the FFIEC response "No".