Refinance of HELOC

Posted By: Lisa B

Refinance of HELOC - 02/25/08 08:19 PM

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.
Posted By: CRAatBOK

Re: Refinance of HELOC - 02/25/08 08:23 PM

No it is not. If you turned it into a term loan then it would be.
Posted By: #12

Re: Refinance of HELOC - 02/25/08 09:14 PM

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."