Thread Options
#2108151 - 11/21/16 07:33 PM Home Improvement??
rrush Offline
Member
Joined: Dec 2011
Posts: 74
We are doing a term loan and paying off a 1st mortgage and a HELOC that was used for home improvement. (NOTE: we do not report HELOC's) Would the HMDA purpose be home improvement or refinance?

Return to Top
HMDA

   
HMDA Academy
#2108164 - 11/21/16 08:32 PM Re: Home Improvement?? rrush
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,644
The Swamp
Refinance. None of the proceeds are going to 'new' HI's.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top
#2108204 - 11/21/16 11:05 PM Re: Home Improvement?? rrush
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
I agree, FWIW.
_________________________
David Dickinson
http://www.bankerscompliance.com

Return to Top