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#1184537 - 05/15/09 04:38 PM ??Owner Occupancy definition??
Kristi Offline
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Kristi
Joined: Feb 2005
Posts: 94
Could anyone clarify the definition of owner occupied? Is it whether the owner of the property is living in the dwelling or is it referring to the borrower?
For example: Son is borrowing money to fix up the house he lives in but is owned by his mother. Is it owner occupied because the borrower is living in the property or non-owner occupied because the mother owns the property but doesn't live there.

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#1184576 - 05/15/09 05:07 PM Re: ??Owner Occupancy definition?? Kristi
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,486
Bloomington, IN
See Occupancy on page 12 of the GIR.

http://www.ffiec.gov/hmda/guide.htm
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#1184985 - 05/15/09 09:01 PM Re: ??Owner Occupancy definition?? Kristi
Deena Offline
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Deena
Joined: Nov 2000
Posts: 2,701
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Here's a prior thread .
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#1185121 - 05/17/09 05:01 PM Re: ??Owner Occupancy definition?? Deena
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,486
Bloomington, IN
Don't rely on that thread. It's from 2005. The definition of owner occupancy changed with the 2007 release of the GIR. Refer to the link I provided earlier.

You report the occupancy status based on the owner's occupancy.
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#1185466 - 05/18/09 04:44 PM Re: ??Owner Occupancy definition?? Dan Persfull
Deena Offline
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Deena
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Wow! Sorry about that. Amazing how I can remember a thread from 2005 but can't remember that the GIR changed in 2007. Thanks, Dan.
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