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???

Both are reportable as a refinance.

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?

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.

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.