Skip to content

Cash Out Refi Purchase 2nd Home-HMDA Location?

Answered by: 

Question: 
We did cash out refinance on a customers primary home. The cash out was used to purchase a second home. I know this is HMDA reportable. I am thinking that a purchase trumps the refinance for HMDA. What I am not sure of is what location to use for the HMDA reporting. Should I use the home being purchased or the home being refinanced? The house being purchased is not securing the loan.
Answer: 

Home purchases and Refinancings - report the property securing the loan if the property being purchased or refinanced does not secure it.

Home improvement - report the property being improved.

First published on BankersOnline.com 10/1/12

First published on 10/01/2012

Filed under: 
Filed under lending as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics