Hello everyone,
I would appreciate your thoughts on this.
We have a borrower who submitted two loan applications simultaneously. One application was a cash-out refi for which the proceeds would be used as a down payment. The other loan was to purchase the property the down payment was for.
For HMDA reporting purposes, is the cash-out refi a refi or a purchase? The funds are used as part of a purchase, but we are also doing the purchase loan.
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The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.