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#1762167 - 11/29/12 03:41 PM Second Mortgage
Patricia Offline
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Joined: Mar 2011
Posts: 335
Kansas
First mortgage with another lender. We are doing a second. For HMDA purposes would this be a refinance? Purpose of loan is to consolidate debts.

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#1762173 - 11/29/12 03:46 PM Re: Second Mortgage Patricia
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Not HMDA reportable as a refi if you're not paying off a dwelling-secured loan. So it depends upon what debts you're consolidating.
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The more you sweat in training, the less you bleed in battle.......

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#1762185 - 11/29/12 03:55 PM Re: Second Mortgage Patricia
Patricia Offline
Gold Star
Joined: Mar 2011
Posts: 335
Kansas
Swiggles - Not paying off a dwelling secured loan. They are paying off credit card debts. These debts were not a result of any home improvements.

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#1762188 - 11/29/12 03:56 PM Re: Second Mortgage Patricia
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
This would not be HMDA reportable.
_________________________
The more you sweat in training, the less you bleed in battle.......

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#1762194 - 11/29/12 04:00 PM Re: Second Mortgage Patricia
Patricia Offline
Gold Star
Joined: Mar 2011
Posts: 335
Kansas
Okay. Thanks.

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