I have a scenario that I need some experts to chime in and assist.
Refinance application, all cash out refinance, (not for home improvement), no lien to be paid. The application taken and cancelled prior to an underwriting decision.
I thought it would not be reporable since it was not going to replace another lien, however I have reread "transactions to be reported" and now think it should be reported as a refinance with cancelled code.
Your expert assistance is appreciated.
Regards
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Old School Banker