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#1504746 - 02/03/11 07:17 PM HMDA Purchase Question
AuditorK Offline
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Customer borrows money to purchase a dwelling to rent out. The loan will be secured by the borrower's primary residence - not the rental property being purchased.

Do we report on the property being used as collateral (borrower's primary residence)?

Lien status will pertain to the property used as collateral, not the purchased dwelling - correct?

Would we report this as "non-owner occupied"?

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#1504801 - 02/03/11 07:41 PM Re: HMDA Purchase Question AuditorK
hmdagal Offline
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hmdagal
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Posts: 3,816
Originally Posted By: AuditorK
Customer borrows money to purchase a dwelling to rent out. The loan will be secured by the borrower's primary residence - not the rental property being purchased.

Do we report on the property being used as collateral (borrower's primary residence)? Correct

Lien status will pertain to the property used as collateral, not the purchased dwelling - correct? Correct

Would we report this as "non-owner occupied"? This goes back to the collateral property as well, so it would be 'owner-occupied'.

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#1504811 - 02/03/11 07:52 PM Re: HMDA Purchase Question hmdagal
AuditorK Offline
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Posts: 962
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Thanks a bunch!

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