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HMDA Refi Test

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Question: 
Regarding HMDA reporting: I have a loan for $29,250. It will be used for paying off an existing home loan ($9637.24) and buying a truck ($16,936.33). I think this would be classified as a refinance. Does the new loan have to pay off the existing home loan with at least 50% of the new loan in order to classify a refi? </strong>
Answer: 

There is no percentage test in the new definition of "refinance." You are right that this is a refinancing for HMDA in 2004.

First published on BankersOnline.com 5/17/04

First published on 05/17/2004

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