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#2191866 - 09/06/18 08:32 PM Cash Out Refinance
whitney0089 Offline
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Joined: Jul 2018
Posts: 13
On a Secondary Market Mortgage that is underwritten as a cash out refinance in the system but the customer is receiving the entire loan amount as cash out at closing and is not paying off any dwelling secured loans - would this be coded a "32" for cash out refinance or a "4" for other since they aren't paying off a dwelling secured lien??

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#2191873 - 09/06/18 08:54 PM Re: Cash Out Refinance whitney0089
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
If the dwelling secured loan is not satisfying and replacing an existing dwelling secured loan to the same borrower then it does not meet the definition of a refinancing regardless how the secondary market classifies it.
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The opinions expressed are mine and they are not to be taken as legal advice.

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