August 25, 2022 at 4:24 pm EDT #37501
For a HMDA related loan secured by a main house and a pool house, would the total units be reported as 1 or 2?August 25, 2022 at 5:15 pm EDT #37502pparksParticipant
We may need more detail on the pool house arrangement. Is a separate family living in the pool house? Is it rented out? Does it have separate meters for utilities? Does it have all of it’s own appliances, a full bathroom, laundry room, etc.? Basically, what is it’s use and purpose? Is it more used as a separate segregated bedroom, or an entirely independent dwelling as with a duplex or possible guest house situation? AND, how is it platted/zoned with the county?August 30, 2022 at 2:47 pm EDT #37667Brent VKeymasterSeptember 2, 2022 at 10:58 am EDT #37712
I am not sure if anyone is living in the pool house. It’s a detached building that is a large room with a kitchen and dining area, full bathroom, and one small room that could be used as a bedroom. There is always a washer/dryer. I don’t think the homeowner has plans to rent it. It’s next to their swimming pool which is located behind their main house.September 2, 2022 at 11:00 am EDT #37713
Please excuse the typo! There is also a washer/dryer.September 2, 2022 at 11:41 am EDT #37723pparksParticipant
This appears to be used more as an extension of the home and, at best, transitory in nature (used periodically by visitors/family). I would be more inclined NOT to report it as a separate unit that counts towards the Total Units count. I am sure this pool house is considered to be a part of the main home by the County Appraisal District, and it doesn’t have it’s own utility meters as well. There’s just not enough for me to consider it as a separate unit, at least not currently. I would report just 1 unit for this home, but there may be others with a different opinion. Regardless, be sure to be consistent in whatever approach you choose and be ready to explain.September 2, 2022 at 2:47 pm EDT #37734jholzknechtKeymaster
If multiple properties secure a loan, Regulation C requires in section 1003.4(a)(31) that the number of individual dwelling units related to the property should reflect all the properties that secure the loan. This does not appear to be a separate dwelling. As stated by pparks above, the pool house appears to an extension of the home.
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