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HMDA- Owner Occupancy

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  • December 23, 2016 at 10:20 am EST #10301
    srhodes
    Member

    I have a commercial purpose loan in which proceeds were used to improve an apartment/rental behind the consumer’s principal residence. Both the principal residence and apartment was taken as collateral, as they are on the same property, and have the same address. Should I be reporting owner-occupancy as ‘not owner-occupied’ since our purpose is home improvement to the apartment that is taken, and that is not occupied as the owner’s principal dwelling?

    December 27, 2016 at 9:21 am EST #10302
    rcooper
    Member

    I agree that you would report it as not owner occupied since the property to which the loan is related is rental property, even though the loan is also secured by the principal dwelling.

    I’ve also asked Jack to weigh in with his opinion.

    January 2, 2017 at 10:43 am EST #10471
    rcooper
    Member

    response by Jholzknecht:
    For a home improvement loan the property being improved is reported. All details on the LAR, including the occupancy status, relate to that property.

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