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#2121013 - 03/08/17 03:00 PM 2 notes satisfy and replace 1 note
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
First mortgage and second mortgage in which both of the notes are for the purpose of satisfying and replacing one dwelling secured note. Neither mortgage, by themselves, is satisfying or replacing the existing note, but in unison they are. My brain is telling me that, due to neither of the notes, by themselves, satisfying or replacing the dwelling secured note neither of these notes is HMDA reportable...but my heart is telling me that something should be HMDA reportable???
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#2121023 - 03/08/17 03:21 PM Re: 2 notes satisfy and replace 1 note Bec
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,020
Bloomington, IN
Both are reportable as a refinance.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2121029 - 03/08/17 03:37 PM Re: 2 notes satisfy and replace 1 note Bec
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
If you look at each note separately, they do not satisfy or replace the dwelling secured note.
Should I not be looking at them separately and just considering the two notes as one deal?
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#2121051 - 03/08/17 04:54 PM Re: 2 notes satisfy and replace 1 note Bec
Truffle Royale Offline

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Posts: 17,359
Reverse the situation.
First and second mortgage used to purchase a home.
Both are reported as purchase.
So replacing a purchase with two loans = 2 HMDA refinances.

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#2121071 - 03/08/17 06:21 PM Re: 2 notes satisfy and replace 1 note Bec
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Alright alright, I overthought it didn't I?!
Thank you Dan and Truffle Royale for your help. On to the next question, must be something in the water the last couple of days. Phone won't stop ringing.
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