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#1712009 - 06/19/12 08:55 PM 2 loans refinancing one loan
kake Offline
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Joined: Jun 2011
Posts: 82
Oregon
Loan #1 had 2 dwellings as collateral. For whatever reason Loan #1 is being refinanced to 2 new loans, each new loan having one of the dwellings as collateral. Neither of the 2 new loans pays off loan #1 but the proceeds from the 2 new loans together pays off loan #1. Are the 2 new loans HMDA reportable?

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#1712012 - 06/19/12 09:03 PM Re: 2 loans refinancing one loan kake
raitchjay Offline
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Joined: Oct 2009
Posts: 9,086
OK
Originally Posted By: kake
Neither of the 2 new loans pays off loan #1 but the proceeds from the 2 new loans together pays off loan #1. Are the 2 new loans HMDA reportable?


Short answer: yes.
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#1712014 - 06/19/12 09:07 PM Re: 2 loans refinancing one loan kake
raitchjay Offline
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Posts: 9,086
OK
Longer answer: the existing loan didn't just get paid down, it got paid off. If 1 loan or 5 loans paid it off, they'd be reportable, so long as each loan was dwelling secured and to the same borrower.
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#1712297 - 06/20/12 03:59 PM Re: 2 loans refinancing one loan kake
kake Offline
Member
Joined: Jun 2011
Posts: 82
Oregon
Just want To confirm, If all loans involved are secured by dwellings. One loan that pays off 3 loans would be HMDA reportable and 3 loans that pay off 1 loan would all be HMDA reportable. Correct?

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#1712316 - 06/20/12 04:15 PM Re: 2 loans refinancing one loan kake
raitchjay Offline
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Joined: Oct 2009
Posts: 9,086
OK
Correct.
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