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#2125978 - 04/12/17 02:00 PM REFRESH MY MEMORY
La. Lady Offline
Junior Member
Joined: May 2016
Posts: 31
SIXTEEN YEARS SINCE I'VE DONE HMDA AND I'M STUCK.

CUSTOMER COMES IN TO FINANCE HIS HOME THAT IS NOW WITH ANOTHER BANK. HE ALSO WANTS CASH OUT FOR AN INGROUND POOL.

IS THIS A HOME PURCHASE OR HOME IMPROVEMENT.

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#2125980 - 04/12/17 02:01 PM Re: REFRESH MY MEMORY La. Lady
ComplyWithMeeee Offline
Junior Member
Joined: Jul 2016
Posts: 30
Sounds like a cash out refi with funds being used for home improvement

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#2125993 - 04/12/17 02:23 PM Re: REFRESH MY MEMORY La. Lady
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,400
Under today's rules, Home Improvement.
Starting in 2018, it will be a cash-out refinance.

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#2125995 - 04/12/17 02:33 PM Re: REFRESH MY MEMORY La. Lady
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 9,105
OK
Won't it only be a cash-out refinance if you price cash-out refinances differently than a straight refi?
_________________________
I'm fixin' to fix that.

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#2126002 - 04/12/17 02:47 PM Re: REFRESH MY MEMORY La. Lady
La. Lady Offline
Junior Member
Joined: May 2016
Posts: 31
Oh gosh....now only do I need to learn todays rules....I'd better get busy on 2018

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#2126019 - 04/12/17 03:25 PM Re: REFRESH MY MEMORY La. Lady
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Quote:
Won't it only be a cash-out refinance if you price cash-out refinances differently than a straight refi?

Correct, for 2018.
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David Dickinson
http://www.bankerscompliance.com

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#2126022 - 04/12/17 03:38 PM Re: REFRESH MY MEMORY La. Lady
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 9,105
OK
Thanks.
_________________________
I'm fixin' to fix that.

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#2127388 - 04/20/17 09:25 PM Re: REFRESH MY MEMORY La. Lady
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
The cash out refi would be for terms or pricing or other policy requirements.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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