New loan secured by both a multifamily property and a 1-4 property

Old loan being refinanced secured by only a 1-4 property

We only report one property when multiple properties are involved.

Would it be acceptable to report the multifamily property, or should we report the 1-4 property since it secured the old and new loan?

The benefit to not reporting multifamily is not having to report income.

You can pick either. We usually go with first under security sections.

If I have the option to report as multi-family, I always do, just to avoid reporting income. Income on business transactions is tough to pin down, so if I don't have to report, I'm not going to.

Pick Multi-family - any time you can reduce reported data fields - do so!!! Less chances for errors.

I agree!