Skip to content
BOL Conferences
Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Banker Forums Lending Compliance HMDA - Buyout Co-owner
Thread Options
#679775 - 02/05/07 06:08 PM HMDA - Buyout Co-owner
OldSchoolBanker Offline
Platinum Poster
Joined: May 2005
Posts: 662
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!
_________________________
Old School Banker

Return to Top
Lending Compliance
#679779 - 02/05/07 06:13 PM Re: HMDA - Buyout Co-owner OldSchoolBanker
sue's mom Offline
Gold Star
sue's mom
Joined: Feb 2003
Posts: 455
IL
Sounds like it would be non reportable.

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

10K Club
Joined: Jul 2003
Posts: 17,397

Return to Top
#680124 - 02/05/07 09:16 PM Re: HMDA - Buyout Co-owner Truffle Royale
sue's mom Offline
Gold Star
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?

Return to Top
#680184 - 02/05/07 09:47 PM Re: HMDA - Buyout Co-owner sue's mom
#12 Offline
Diamond Poster
Joined: Jun 2005
Posts: 1,343
Purchase trumps Home Improvement and Refinance.
_________________________
CRCM

Return to Top

Moderator:  Andy_Z