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BankersOnline.com Forums Dodd-Frank Final Rules Discussions HMDA Overhaul 2018 Refinance or Home Improvement??
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#2189392 - 08/16/18 04:42 PM Refinance or Home Improvement??
Catm1991 Offline
100 Club
Joined: Jul 2014
Posts: 194
MO
Ok, I'm stressed today and my mind is in a fog....:(

I have a loan that we refinanced their primary residence and they got cash out too do home improvements too their home. Would this be a refinance or home improvement? I know with our old HMDA it would be reported as a home improvement, but since the pecking order has changed I'm thinking this would be a refinance.

Am I correct....would this be a refinance?

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#2189397 - 08/16/18 05:08 PM Re: Refinance or Home Improvement?? Catm1991
burke116 Offline
Platinum Poster
Joined: Jun 2014
Posts: 573
Petersburg, VA
Refi

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#2189410 - 08/16/18 05:43 PM Re: Refinance or Home Improvement?? burke116
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,410
Could be cash out refinance. David explains it perfectly here.

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#2189463 - 08/16/18 07:33 PM Re: Refinance or Home Improvement?? Catm1991
Catm1991 Offline
100 Club
Joined: Jul 2014
Posts: 194
MO
Ok, thank you. I did report if as a refinance, but wanted too make sure. Our bank does not differentiate between refinance or refinance-cash out, so all of ours are Refinances. Thank you!

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