There's been an age-old argument about whether to extrapolate the explicit instruction to report the permanent financing that replaces a construction only loan as purchase over to other categories. I've always been of the belief that it would have taken about 15 words to accomplish that if the writers of Reg. C had intended, but those words are not there....so that's why i have always been in the refinance camp for these kinds of loans.
Last edited by raitchjay; 03/15/22 08:57 PM.
ETA: and with the changes to Reg. C that place refinance above home improvement in the waterfall, i feel like that's just more reason to be of that belief.
I'm fixin' to fix that.