A Guide to HMDA Reporting - ffiec
A Guide to HMDA Reporting - ffiec
A Guide to HMDA Reporting - ffiec
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Glossary Refinancing. A refinancing is any dwelling-secured<br />
loan that replaces and satisfies<br />
another dwelling-secured loan <strong>to</strong><br />
the same borrower. The purpose of the<br />
loan being refinanced is not relevant <strong>to</strong><br />
determining whether the new loan is a<br />
refinancing for <strong>HMDA</strong> purposes. Nor is<br />
the borrower’s intended use of any additional<br />
cash borrowed relevant <strong>to</strong> determining<br />
whether the loan is a refinancing,<br />
though the borrower’s intended use of<br />
the funds could make the transaction a<br />
home improvement loan or a home purchase<br />
loan. See the definitions of “home<br />
purchase loan” and “home improvement<br />
loan.” Also see the rule on multipurpose<br />
loans on page 12.<br />
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