We have a loan that is purchase of an investment property, multi-family (5+ units)and the note is just in individuals name, (Mr. & Mrs.). When I go to enter it into the HMDA data entry software it's giving me an error saying since this loan is multi-family, the income should be NA.

But I entered the income of the individuals because they are the only ones on the note, it's not a business where I would put NA.

So my question is...do I go ahead and put NA even though the loan is not in the business name, but in the owners' name?

Thanks.

Yes. You always report income as NA when the property type is multi-family.

Page 14 & 15 of the HMDA GIR if you want a reference.

"Income of the applicant. If an application relates to a one- to-four- family dwelling, enter the total gross annual income your institution relied on in making the credit decision."

"Enter “NA” if:
—
the loan or application is for a multifamily dwelling,"

Thank you so much.