HMDA DEFINITION - Bankers Online
Pre-2018
HMDA DEFINITION
OF A REFINANCE:
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If the new loan DOES NOT meet ALL 3 conditions above, it is NOT a refinance.
MULTPURPOSE LOANS
A multipurpose loan is a REFINANCE (one that meets ALL 3 conditions above) AND IN ADDITION is being obtained for the purpose of purchasing or improving a dwelling. Multipurpose loans are NEVER reported as REFINANCE; they must be reported as PURCHASE or HOME IMPROVEMENT, as follows:
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Report as a REFINANCE UNLESS the new loan is a multipurpose loan. See below
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The new loan is SECURED by a dwelling.
(The dwellings securing the paid and new loan don’t have to be the same dwelling and the loans don’t have to be with the same bank).
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A dwelling SECURED loan is being paid off by some or all of the proceeds of a new loan.
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Both loans are in the name of at least ONE of the same borrowers.[pic]
Report as a PURCHASE[pic]
PURCHASE
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REFINANCE
[pic]
Report as a PURCHASE[pic]
IMPROVE
[pic]
PURCHASE
[pic]
REFINANCE
[pic]
Report as a HOME IMPROVEMENT
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IMPROVE
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REFINANCE
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