HMDA - Buyout Co-owner

Posted By: OldSchoolBanker

HMDA - Buyout Co-owner - 02/05/07 06:08 PM

I tried to search this in the forums but could not locate a good match so I though I would ask the experts. Your help is appreciated!

Two brothers own a dwelling free and clear, no mortgages or liens. Brother A makes application for an all cash out refi to buyout the 1/2 ownership of brother B.

Is this a purhcase (remember A already owns an interest) or a non reportable loan since it is all cash and does not satisfy a prior mortgage or lien?

Thanks in advance!
Posted By: sue's mom

Re: HMDA - Buyout Co-owner - 02/05/07 06:13 PM

Sounds like it would be non reportable.
Posted By: Truffle Royale

Re: HMDA - Buyout Co-owner - 02/05/07 06:29 PM

here's the answer
Posted By: sue's mom

Re: HMDA - Buyout Co-owner - 02/05/07 09:16 PM

If brother is buying out sibling co-owners and also paying off an existing HELOC, does purchase top refinance for HMDA filing?
Posted By: #12

Re: HMDA - Buyout Co-owner - 02/05/07 09:47 PM

Purchase trumps Home Improvement and Refinance.