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#1478573 - 12/09/10 07:11 PM Buying out a partner
Bec Diamond Poster Joined: Jul 2010 Posts: 1,115 The Great White North	Borrowers are using their primary dwelling as collateral to buy out a business partner. This would not be HMDA reportable right???? _________________________ Go Packers
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#1478597 - 12/09/10 07:36 PM Re: Buying out a partner Bec
Kathleen O. Blanchard 10K Club Joined: Dec 2000 Posts: 21,293	Correct, but it would be reportable at time of refinance if borrower remains the same and loan is still secured by residential real estate. _________________________ Kathleen O. Blanchard, CRCM "Kaybee" HMDA/CRA Training/Consulting/Mapping The HMDA Academy www.kaybeescomplianceinsights.com
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#1478622 - 12/09/10 07:50 PM Re: Buying out a partner Kathleen O. Blanchard
Bec Diamond Poster Joined: Jul 2010 Posts: 1,115 The Great White North	BEAUtiful...thank you! _________________________ Go Packers
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#1478628 - 12/09/10 07:53 PM Re: Buying out a partner Bec
Dan Persfull 10K Club Joined: Aug 2002 Posts: 47,530 Bloomington, IN	However, if the dwelling is being refinanced to buy out the partner then it would be a reportable refinancing. If it's just an equity out loan then it would not be. _________________________ The opinions expressed are mine and they are not to be taken as legal advice.
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#1478634 - 12/09/10 07:56 PM Re: Buying out a partner Dan Persfull
Kathleen O. Blanchard 10K Club Joined: Dec 2000 Posts: 21,293	True, in that case, it would be reportable as a refinance of that original loan. _________________________ Kathleen O. Blanchard, CRCM "Kaybee" HMDA/CRA Training/Consulting/Mapping The HMDA Academy www.kaybeescomplianceinsights.com
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