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[Music] hi its dave dickinson with bankers compliance consulting lets talk about humda and refinancings versus modifications now first off refinancing very strict definition theres three components that have to be met and they are that you have a new contract that is replacing an old contract so one loan is satisfying another loan number two both the old and the new loans are dwelling secured and number three theres a common borrower between the old and the new not all borrowers have to be the same but at least one borrower the same now whats a modification well its not a refinance is what i would tell you basically youre not meeting all three of those conditions then its not a refinance you might call it a renewal you might call it an extension you might call it a in a launch its its just not a refinance and there really is no definition for these other things under hamda theres refinance and then theres not a refinance now lets go back to this definition of refinance and