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#2137929 - 07/13/17 03:58 PM refinance or not???
Catm1991 Offline
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Joined: Jul 2014
Posts: 194
MO
I have a loan that the purpose of loan is to purchase 3 vacant lots & consolidate. They paid off 3 different loans with this loan as well. One that they did pay off was real estate, residential, but it was not in their names, then the other 2 loans they paid off were vehicle loans. The one they did pay off that was residential real estate is another family members loan. So I know the current HMDA rule is if it's a refinance it must meet the 3 questions...with question #2 stating...Is any portion of the new loan paying off any existing debt of the same borrower?...so, this loan wouldn't be HMDA applicable correct? Since they paid off a loan that was not in their name.

Is this correct?

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#2137934 - 07/13/17 04:08 PM Refinance or not??????
Catm1991 Offline
100 Club
Joined: Jul 2014
Posts: 194
MO
I have a loan that the purpose of loan is to purchase 3 vacant lots & consolidate. They paid off 3 different loans with this loan as well. One that they did pay off was real estate, residential, but it was not in their names, then the other 2 loans they paid off were vehicle loans. The one they did pay off that was residential real estate is another family members loan. So I know the current HMDA rule is if it's a refinance it must meet the 3 questions...with question #2 stating...Is any portion of the new loan paying off any existing debt of the same borrower?...so, this loan wouldn't be HMDA applicable correct? Since they paid off a loan that was not in their name.

Is this correct?

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#2137936 - 07/13/17 04:12 PM Re: refinance or not??? Catm1991
raitchjay Offline
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OK
Yes, you are correct.
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#2137945 - 07/13/17 04:42 PM Re: Refinance or not?????? Catm1991
Truffle Royale Offline

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sounds like you've got it right.

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#2137946 - 07/13/17 04:42 PM Re: Refinance or not?????? Catm1991
hmdagal Offline
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hmdagal
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If they aren't paying off a dwelling secured loan with a common borrower, it isn't reportable as a refinance.

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#2137947 - 07/13/17 04:43 PM Re: refinance or not??? Catm1991
Truffle Royale Offline

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Please do not double post questions.

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#2137950 - 07/13/17 04:54 PM Re: refinance or not??? Catm1991
Catm1991 Offline
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Posts: 194
MO
Thank you.

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#2137954 - 07/13/17 05:05 PM Re: refinance or not??? Truffle Royale
RR Joker Offline
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The Swamp
Originally Posted By Truffle Royale
Please do not double post questions.


shouldn't it have stayed in the regular HMDA forum?
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#2137956 - 07/13/17 05:09 PM Re: refinance or not??? Catm1991
Catm1991 Offline
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Joined: Jul 2014
Posts: 194
MO
Ya I had it there, but wasn't sure. But I will not do that again. Thanks.

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#2137966 - 07/13/17 05:41 PM Re: refinance or not??? Catm1991
Truffle Royale Offline

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moderator error...sorry.

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