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Refinancing owner financed debt

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  • January 17, 2023 at 12:16 pm EST #197006
    tressa
    Participant

    In a refinance transaction that meets the refinance definition, does it matter if the funds are paying off an owner-financed loan to an individual?

    January 17, 2023 at 12:26 pm EST #197008
    pparks
    Participant

    Could you clarify as to whether or not a recorded lien is associated with the owner-financed loan?

    February 6, 2023 at 2:50 pm EST #223524
    tressa
    Participant

    Yes, there is a recorded lien.

    February 6, 2023 at 3:05 pm EST #223534
    pparks
    Participant

    There’s your answer…a lien is being paid off, so you have a refinance for sure.

    February 21, 2023 at 2:40 pm EST #242646
    tressa
    Participant

    Let’s say there is no recorded lien. Just an owner-finance agreement between the seller and purchaser. If this debt is paid in full, and it’s in the same borrower name, would it be considered a refinance for HMDA purposes?

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