Thank you for your response Dan!
On two of the properties (Multi-family) the borrower is paying off existing liens and taking some cash out toward a purchase
Reportable as a refinancing.
I apologize that I didn't mention this in my previous post however, we are in NYS and most of our refinances have NY CEMAS, which we do not report. The two refinances I mention DO have CEMA's therefore we would not report.
Having said that, in the event we were reporting these loans, I thought I read on D-8 that a multi-purpose loan, in this case a refinance and purchase, would be reported as a purchase. Am I reading that incorrectly?
The third property is free and clear (also multi-family) so all the funds from there will go toward the same purchase.
Assuming this is a separate loan from the one above it would not be reportable.
Why would this not be reportable? Is it because it's free and clear?
Thank you for your help. This can be very confusing.
Last edited by dimitra11; 08/02/13 06:14 PM.