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#2244730 - 10/28/20 01:25 PM HMDA loan purpose refinance of different property
Red Raiders Offline
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Joined: May 2013
Posts: 1,053
Compliance Land
Let's say we originate a consumer purpose mortgage loan to a borrower on a dwelling that is owned free and clear. The proceeds of this new loan will pay off a loan they have on their second home. Does our new loan still meet the definition of a "refinance" even though the loan being paid off isn't the same house as the house on the new loan? I only see in the definition that it says "a dwelling" and nothing that says it has to be the same dwelling. Thoughts?
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#2244734 - 10/28/20 01:48 PM Re: HMDA loan purpose refinance of different property Red Raiders
raitchjay Offline
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Joined: Oct 2009
Posts: 8,564
OK
Yes, it doesn't have to be the same dwelling on both sides to be a refinance. A dwelling-secured loan that pays off a loan secured by a different dwelling meets the definition.
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