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#2057789 - 01/11/16 04:38 PM HMDA Reportable - Refinance of Multiple Borrowers
jef68 Offline
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Joined: Jan 2011
Posts: 88
We have a commercial loan request (1 loan) to an entity that is to refinance 8 mortgages at 4 different institutions. The original loans at the 4 institutions are secured by 11 residential properties, and the new loan at our bank will be secured by these properties as well. 5 loans being paid off are in the name of our borrower and three of the loans being paid off are to a related entity. Does the fact that the three loans being paid off are to a related entity exclude this loan from being HMDA reportable?

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#2058228 - 01/12/16 09:33 PM Re: HMDA Reportable - Refinance of Multiple Borrowers jef68
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,630
Bloomington, IN
No, a portion of the proceeds from the loan are still being used to refinance the other loans that are in your borrower's name.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#2058278 - 01/13/16 12:48 PM Re: HMDA Reportable - Refinance of Multiple Borrowers Dan Persfull
jef68 Offline
Member
Joined: Jan 2011
Posts: 88
Thank you!

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