A real estate transaction in which the borrower is already the owner of the property; and the purpose of the transaction is to refinance the property or to secure additional financing. Transactions included in this category would be agency and non-agency backed mortgages (and deeds of trust), junior loans (seconds, thirds, etc.), Construction loans, Equity loans and Lines of Credit as well as Private Party (non lender) loans.
The difference between the Refinance and New Loans category and this category is that a ĎNon Armís Length deed is also being recorded with the transaction. This is typically because the lender requires a vesting change to add or remove an owner of record, for the purpose of securing additional financing.1