Thread Options
#1545968 - 05/04/11 08:26 PM Double checking..
Dodge Offline
100 Club
Joined: Mar 2010
Posts: 234

Borrowers are purchasing a storm cellar to be placed at their daughter's home. The borrowers are using their primary residence as collateral.

For HMDA this will be coded as a home improvement loan because it's improving real property. We will report the property address of the daughter's residence because that is where the improvement is being done. Since, the borrower is using their primary residence for collateral we will code the owner occupancy"owner-occupied as principal dwelling."

Correct?

Return to Top
HMDA

   
HMDA Academy
#1545986 - 05/04/11 08:35 PM Re: Double checking.. Dodge
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,635
Bloomington, IN
The occupancy status would be correct but not for the reason you state.

You report the status of the property being reported on the LAR which in this case is the daughter's primary residence and is owner occupied.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top

Moderator:  SMQ, CRCM