I have a loan where the borrower (according to the note) is a trust. However, the home is titled in the name of both the individual and the trust. How would I report occupancy?

I've been searching the occupancy topics and I'm just not finding this exact answer.

We've reported GMI as NA and the occupancy as owner occupied. Would this be correct?

I'd consider the GMI to be NA and the occupancy to be Non-owner occupied but without more information this is merely an assumption.

We've reported GMI as NA and the occupancy as owner occupied. Would this be correct?

If the individual signed the note as an individual in addition to signing as the trustee you would report their GMI. If they only signed as trustee then you would report NA.

As for the occupancy I can't answer for sure because you don't state who the owner of the real estate is. Generally in these situations the trust owns the real estate therefore the occupancy would be non owner occupied.

Dan, I think they did:

"home is titled in the name of both the individual and the trust."

If that is the case, which I thing totally defeats the purpose of the trust (which is another story), it would be reported as owner occupied.

The home is titled as both the individual and the trust. (Renpie as individual and as trustee of The Hippopotamus Trust.)

Dan, I think they did:

"home is titled in the name of both the individual and the trust."

That didn't register on my first read. Based on that information it would be owner occupied.

Thanks for the confirmations. I really appreciate it!

This had actually never occurred to me until I read a recent thread on the subject.

Owner-occupancy is not defined as owner-occupied as a principal residence by the borrower.

Rather, is the person who lives in the house an owner? That's it.

Revelation.

I don't think you ever quit learning if you stay tuned to BOL.