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#2050745 - 11/20/15 06:56 PM ECOA Appraisal Notice and Appraisal Acknowledgment
mdog76 Offline
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Joined: Jan 2007
Posts: 645
We are in the process of making a loan for a 5 unit condo location (lack of better term). Since the loan is for all 5 units, would it be considered 1-4 family and therefore need the appraisal notice and acknowledgement?

Thank you.

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Lending Compliance
#2050813 - 11/20/15 09:14 PM Re: ECOA Appraisal Notice and Appraisal Acknowledgment mdog76
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,801
Cape Cod
If you are taking a lien on a building with 5 units, it's not a dwelling under Reg B. If you are making five separate loans on idnvidual condo units that happen to constitute all of one building, each loan is considered separately and you would have five separate dwellings for purposes of Reg B.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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