We have a borrower who had requested the refinance of his existing mortgage with cash out for future purchases. (Both loans collateralized by residential real estate, same borrower)
The closing attorney decided it would be easier (!) to do a modification of the existing loan documents referencing the new, higher loan amount. The participating CUs will all be required to send their share of the new money to the attorney for the closing.
So we have no new loan, just an increase in outstandings and new/modified loan documents.
where the existing mortgage was not paid off, equity was advanced with no purchase/home equity/refi involved, has then gone from reportable to not reportable?
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