I'm racking my brain on this one. Customer is refinancing their current residence, paying off other consumer debts and also purchasing a vacant lot, all in the same transaction. I would normally just say this is a cash-out refi, but the purchase of the lot has me confused. Would the purchase be outside the refi transaction here and the amount just be disclosed as cash out to the customer? Our processor is confused as to how to disclose the fees for deed transfer etc. to the seller of the lot. The more I think about it, the more baffled I get. Can anyone give me some guidance here?
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