Skip to content
BOL Conferences
Thread Options
#190884 - 05/17/04 04:00 PM HMDA: Occupancy
Starky Offline
100 Club
Starky
Joined: Oct 2002
Posts: 204
Arkansas
In "The Gurus Speak about HMDA and HOEPA" Q & A, the following question is asked:

Occupancy Code for Non-dwelling Secured Home Improvement Loan
Q: Under HMDA-if we report a non-dwelling secured home improvement loan in 2004, which occupancy code do we use on the HMDA LAR?

A: If the loan is not secured by a dwelling, you should use code 3 (Not Applicable).

We have been reporting the occupancy code for non-dwelling secured home improvement loans. For example, if the loan is to improve their principal dwelling, we report it as owner occupied. Have I been reporting this wrong? GIR says to indicate whether the property to which the loan or loan application relates is to be owner-occupied as a principal residence.

You opinions are much appreciated.

Return to Top
Lending Compliance
#190885 - 05/17/04 04:22 PM Re: HMDA: Occupancy
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
I disagree with the answer. If you report non-dwelling secured HI loans the occupancy status and goe-code information for the property being improved should be reported.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#190886 - 05/17/04 04:25 PM Re: HMDA: Occupancy
Starky Offline
100 Club
Starky
Joined: Oct 2002
Posts: 204
Arkansas
Quote:

I disagree with the answer. If you report non-dwelling secured HI loans the occupancy status and goe-code information for the property being improved should be reported.




Thanks Dan. That's how I've always done it and was afraid I missed something.

Return to Top
#190887 - 05/17/04 04:28 PM Re: HMDA: Occupancy
TomS Offline
Gold Star
Joined: Jan 2004
Posts: 317
USA
I agree with you. The GIR guide says you can use "NA" for multi-family dwellings and for properties located outside an mSA or inside an MSA in which you do not have a home or branch office. I don't read where it says to use NA for non-dwelling secured HI loans.

You are required to report the location of the property being improved, so it makes sense to report the owner-occupancy status of that property as well.
_________________________
CRCM, CAFP, DAD

Return to Top
#190888 - 05/17/04 04:34 PM Re: HMDA: Occupancy
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Here is the article that Starky refers to. The Occupancy Q&A is on page 4. I wrote the reply.

I guess I was correlating this to the lien status situation - no lien = Report "NA". I will contact BOL and have them change this.

Thanks for bringing it to my attention.
_________________________
David Dickinson
http://www.bankerscompliance.com

Return to Top

Moderator:  Andy_Z