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When you have a condo for collateral on a loan, when is it appropriate to use a 1 as property type rather than a 3 for multi family dwelling? 😐
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Welcome to the Forum! 😀
You should enter code 1 (one- to four-faimly) for loans on indivudal condominiums. Use Code 3 if the collateral consists of a building containing five or more units.
See page A-1 of the Getting It Right Manual. See https://www.ffiec.gov/hmda/pdf/2010guide.pdf
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