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#1874277 - 11/26/13 01:38 PM Unoccupied Dwelling
dac Offline
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Joined: Sep 2009
Posts: 234
Is a loan HMDA reportable if the mixed use property (residential and professinal office space)is not being lived in?

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#1874289 - 11/26/13 02:22 PM Re: Unoccupied Dwelling dac
raitchjay Offline
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Joined: Oct 2009
Posts: 8,840
OK
Why isn't it being lived in (is it temporary, or is it abandoned, or something else)? When it was occupied, what did the mixed-use test show?
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#1874403 - 11/26/13 05:33 PM Re: Unoccupied Dwelling raitchjay
dac Offline
100 Club
Joined: Sep 2009
Posts: 234
The owner moved to a new house. This house is currently being used as his office and storage space. He has no plans on renting it out.

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#1874419 - 11/26/13 06:13 PM Re: Unoccupied Dwelling dac
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,840
OK
When you employed the mixed-use test previously (i'm assuming there was a previous loan), did it meet the definition of a dwelling? If so, has he converted any of the old dwelling part into office or storage space? I'd have a hard time not reporting it (if it was previously reportable) simply because no one was living in it at the moment, but it's hard to say without knowing more about the situation.
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#1874853 - 11/27/13 08:10 PM Re: Unoccupied Dwelling dac
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,967
Bloomington, IN
I agree. A dwelling is a residential structure and no where in the definition in 1003.2 does it say the residential structure has to be occupied, or inhabitable for that matter, to meet the definition of a dwelling.
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The opinions expressed are mine and they are not to be taken as legal advice.

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