HMDA - Data Reporting Owner Occupancy
Answer by Dan Persfull, BOL Guru Guru Bio
Question: HMDA - Data Reporting Owner Occupancy: if the (1) loan is made to a non-natural person, (2)the property (SFR) is owned by a non-natural person (LLC), (3) the property is zoned residential, but being used to occupy the owning business and rent to other businesses, how should the occupancy code be listed? The loan purpose is refinance of same property and cash out to business to reimburse for improvements made to the property.
Answer: It does not sound to me like your loan is secured by a dwelling, but by a structure used for business purposes. I would say this loan is not reportable.
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