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#909994 - 02/25/08 08:19 PM Refinance of HELOC
Lisa B Offline
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Joined: Feb 2008
Posts: 1
When a HELOC (revolving line) is refinanced by another HELOC, is this reportable as a refinanced loan? We currently do not report HELOCs on our LAR. Our attorney believes it is, I do not.

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#910002 - 02/25/08 08:23 PM Re: Refinance of HELOC Lisa B
CRAatBOK Offline

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Further South than I wanna be.
No it is not. If you turned it into a term loan then it would be.
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#910062 - 02/25/08 09:14 PM Re: Refinance of HELOC CRAatBOK
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Just to back up KCGeoqueen (not that she needs it!):

HMDA FAQ's

From the FAQ's: " Refinancing --- line of credit. If a dwelling-secured line of credit satisfies and replaces another dwelling-secured obligation, is the line required to be reported as a "refinancing"?

Answer: No. A dwelling-secured line of credit that satisfies and replaces another dwelling-secured obligation is not required to be reported as a "refinancing," regardless of whether the line is for consumer or business purposes."
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