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#679775 - 02/05/07 06:08 PM HMDA - Buyout Co-owner
OldSchoolBanker Offline
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Joined: May 2005
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FL
I tried to search this in the forums but could not locate a good match so I though I would ask the experts. Your help is appreciated!

Two brothers own a dwelling free and clear, no mortgages or liens. Brother A makes application for an all cash out refi to buyout the 1/2 ownership of brother B.

Is this a purhcase (remember A already owns an interest) or a non reportable loan since it is all cash and does not satisfy a prior mortgage or lien?

Thanks in advance!
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#679779 - 02/05/07 06:13 PM Re: HMDA - Buyout Co-owner OldSchoolBanker
sue's mom Offline
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sue's mom
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Sounds like it would be non reportable.

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#679798 - 02/05/07 06:29 PM Re: HMDA - Buyout Co-owner OldSchoolBanker
Truffle Royale Offline

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#680124 - 02/05/07 09:16 PM Re: HMDA - Buyout Co-owner Truffle Royale
sue's mom Offline
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sue's mom
Joined: Feb 2003
Posts: 455
IL
If brother is buying out sibling co-owners and also paying off an existing HELOC, does purchase top refinance for HMDA filing?

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#680184 - 02/05/07 09:47 PM Re: HMDA - Buyout Co-owner sue's mom
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Purchase trumps Home Improvement and Refinance.
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