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BankersOnline.com Forums Dodd-Frank Final Rules Discussions HMDA Overhaul 2018 Dwelling Secured
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#2206962 - 02/25/19 02:32 PM Dwelling Secured
Likes to Comply Offline
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Joined: Nov 2008
Posts: 1,109
In the mountains
A home purchase loan includes a closed-end mortgage loan or an open-end line of credit secured by one dwelling and used to purchase another dwelling. For example, if a person obtains a home-equity loan secured by dwelling A to purchase dwelling B, the home-equity loan is a home purchase loan.

Does a refinance and home improvement work the same?

It can be a refinance as long as a dwelling is involved, even if a dwelling A secures the new loan but dwelling B secures the loan being paid off, as long as the loan is to the same borrower?

It can be a home improvement if it is secured by dwelling A but is improving dwelling B?
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#2206969 - 02/25/19 02:49 PM Re: Dwelling Secured Likes to Comply
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
Yes
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#2206987 - 02/25/19 04:00 PM Re: Dwelling Secured Likes to Comply
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
It can be a home improvement if it is secured by dwelling A but is improving dwelling B?

Yes, provided there is no existing loan secured by dwelling A being refinanced. Under the 2018 rules a refinancing takes precedence over home improvement.
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The opinions expressed are mine and they are not to be taken as legal advice.

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