I would like to make sure that I am understanding the waterfall, or tier, of what to report for the Loan Purpose attribute. Would a guru be able to provide feedback whether or not I understand correctly? Thank you -
1) For 2018 reporting, does Refinance and Cash-Out Refinance trump Home Improvements, albeit, the LAR will code Home Improvements as Code-2, and Refinance Code-31 and Cash-Out Refinance Code - 32?
2) If yes, than it seems that there will be less loans reporting under Home Improvement because the Refinance will trump. Correct?
3) Last, will loans report now when the dwelling is currently free and clear, and the cash-out is for another reason than Home Improvements, causing Code-4 Other to report?