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We have an unmarried couple that have a residential real estate loan together but the deed is only in the name of one of the borrowers. They are splitting up and the other borrower will be refinancing the existing obligation along with additional funds and the deed will be transferred to that individual. The additional funds will be paid to the individual that currently holds the deed. For TRID purposes do we consider this a refinance since we are replacing the existing obligation of the applicant? Or is it a purchase since the original owner of the collateral is receiving funds from the new loan? We know right of recession will apply since the applicant is currently living in the residence. How will this breakdown show on the disclosures?
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