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#2145296 - 09/08/17 01:56 PM TRID Purpose Refinance?
Frosh Offline
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Joined: Mar 2015
Posts: 87
I have a loan where a customer inherited her mother's home. The customer will not live there, but would like the mortgage to be under her name. I would think this would be a refinance under TRID because under 1026.37(a)(9)(ii) (unlike HMDA) a refinance does not have to be to the same customer.

I just wanted to verify this is correct.

Thank you in advance.

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TRID - TILA/RESPA Integrated Disclosures Rule
#2145303 - 09/08/17 02:18 PM Re: TRID Purpose Refinance? Frosh
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,958
Galveston, TX
Not sure where you got the idea that a refinance could involve a different borrower:

1026.20(a) Refinancings. A refinancing occurs when an existing obligation that was subject to this subpart is satisfied and replaced by a new obligation undertaken by the same consumer.
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#2145304 - 09/08/17 02:25 PM Re: TRID Purpose Refinance? Frosh
Frosh Offline
Member
Joined: Mar 2015
Posts: 87
Ok thank you, so, it would be a home equity loan under TRID. I really appreciate it.
Last edited by Frosh; 09/08/17 02:28 PM.
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