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We currently do balloon loans. When the loan matures or we refinance that loan with new money, we do an entire new note/documents therefore the loan is considered a refinance. Our lenders conduct a new Initial Escrow Disclosure. Currently our operations department refunds the money in the escrow account to the borrower. Are we required to conduct a short year statement on these loans? Our operations department uses the same loan number therefore our processor says that it is not possible to conduct a short year statement as the loan is not actually paid out.
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