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#496380 - 02/09/06 08:38 PM HMDA Purpose
Suzie Offline
Platinum Poster
Joined: Apr 2002
Posts: 662
Far North
A HMDA reportable loan, refi with proceeds used to buy out former spouse and home improvement.

Ownership of property changing (spouse no longer has interest) so is this a purchase? Help, I should know this and know it is has come up before but can't find thread.
"Whales get harpooned because they surface to spout."

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Lending Compliance
#496381 - 02/09/06 08:42 PM Re: HMDA Purpose
Judy G Offline
Junior Member
Joined: Sep 2005
Posts: 40
Somewhere out there
Is your applicant on title to the property now? If yes then how can it be a purchase if he / she already owns it?

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#496382 - 02/09/06 08:52 PM Re: HMDA Purpose
regwhy Offline
100 Club
Joined: Sep 2005
Posts: 109
I agree with the kitty, if applicant is on title it can't be a purchase, but if not on title then when both HI and purchase, purchase trumps.

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#496383 - 02/10/06 02:23 PM Re: HMDA Purpose
bgehres Offline
100 Club
Joined: Mar 2005
Posts: 126
See post #496595.

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#496384 - 02/10/06 02:29 PM Re: HMDA Purpose
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,422
Bloomington, IN
HMDA - you have an option. We report as refis which I think the majority of others do also. However some do report as purchases. The key is being consistent.

RESPA - there will be a title transfer - use the HUD 1.

Reg. Z - ROR will apply to the person buying out the other person.
The opinions expressed are mine and they are not to be taken as legal advice.

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