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#2058778 - 01/14/16 08:56 PM Owner Occupied code--Borrower doesn't own house
Midwest123 Offline
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We are doing a home improvement loan for a customer on their principal dwelling. The customer does not own the home, it is actually owned by his parents. I don't want to confuse "owner-occupied" for HMDA with "borrower-occupied", so in this instance would we report the Owner Occupancy code as a 2--Not owner-occupied as principal dwelling?!

Appreciate any feedback!

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#2058782 - 01/14/16 09:00 PM Re: Owner Occupied code--Borrower doesn't own house Midwest123
NSF, CRCM Offline
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I would agree. Report as a 2.
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#2058813 - 01/14/16 10:02 PM Re: Owner Occupied code--Borrower doesn't own house Midwest123
SMQ, CRCM Offline
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Between the lines
HI, report on the property being improved. If the owner does not live in the property being improved, then it's a 2.
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#2058814 - 01/14/16 10:05 PM Re: Owner Occupied code--Borrower doesn't own house Midwest123
Midwest123 Offline
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We are reporting on the property being improved and the borrower does live in the property, but he is not the owner of property (his parent's own the house). So we were assuming we would still code as a "2" since the property is not owner-occupied by our borrower.

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#2058827 - 01/14/16 11:01 PM Re: Owner Occupied code--Borrower doesn't own house Midwest123
hmdagal Offline
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Your borrower is not the owner. Take him out of the equation. Do either of the owners of the house (the parents) live there? If so, you'll code it as owner occupied. If not, it'll be NOO.

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#2058828 - 01/14/16 11:04 PM Re: Owner Occupied code--Borrower doesn't own house Midwest123
Midwest123 Offline
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Joined: Mar 2012
Posts: 120
That makes sense! Thank you guys so much for clearing this up for us. I really appreciate it!!

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