I have an application to refinance a primary residence, the property is currently vested in a trust, with the applicants as the trustees.
#1- As part of the new loan they are completing a "grant deed" changing the ownership from the trust to the individual applicants. For HMDA purposes is this a purchase (change in ownership) or refinance?
#2 - if the note is signed Joe Smith individually and as trustee then Jane Smith individually and as trustee, but the application was only in Joe and Jane Smith - do you record GMI as B-Joe and co-B-Jane or B-Joe and co-B the trust?
Thank you.