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Early Disclosures and HMDA - Refinance
Dan Persfull, BOL Guru
Guru Bios
Question: We have a loan made to husband and wife secured by their primary residence. The loan was to payoff a commercial real estate loan on another property. $75,000 of the proceeds went to payoff their home mortgage and $575,000 paid off the commercial mortgage. Would this be HMDA and what early disclosures would be needed for this mortgage loan?
Answer: Yes, the loan is a reportable. It meets the definition of a refinancing for HMDA purposes. The loan appears to be primarily for business purposes therefore the loan is not subject to any of the disclosure provisions of Reg Z or RESPA.
First published on BankersOnline.com 8/07/06
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