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Reg Z - Definition of Primary Dwelling
Answer by David Dickinson, BOL Guru
Guru Bio

Question:  Please define primary dwelling as it relates to Reg Z.


Answer:  Dwelling is defined in 226.2)(b)(19). The word principal is not defined in Reg Z; however, the Commentary to 226.23 provides some insight in comments #3 and 4. This information is also found in the Commentary to 226.15(a)#5 and 6. To determine the principal dwelling, I advise using where the borrowers are registered to vote, where they have their drivers license issued, and what they claim as their primary home for tax purposes. The borrower can only have one primary residence.

First published on BankersOnline.com 6/14/10









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