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#2091896 - 08/05/16 04:33 PM Owner Occupancy/Co- Applicants
asherwood@hometownbankhv.com Offline
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Joined: Aug 2016
Posts: 1
I have an application with co-applicants. The Applicant has a primary residence and the residence securing this loan will not be this persons primary residence. It will be the co-applicants primary residence. Do I mark the HMDA LAR as Owner-Occupied or Non-Owner Occupied?

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#2091901 - 08/05/16 04:40 PM Re: Owner Occupancy/Co- Applicants asherwood@hometownbankhv.com
#12 Offline
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Joined: Jun 2005
Posts: 1,343
If the owner of the property lives there as their primary dwelling, it's reported as owner occupied. Who the borrower is does not play into the decision of how to report occupancy status.
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#2091904 - 08/05/16 04:44 PM Re: Owner Occupancy/Co- Applicants asherwood@hometownbankhv.com
Adam F Offline
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Adam F
Joined: Apr 2013
Posts: 420
VA
If the co-applicant is an owner of the property, then it would be owner occupied.
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It is better to act cautiously beforehand than to suffer afterward.

The answers I give are my opinions. Not legal advice.

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#2091924 - 08/05/16 05:14 PM Re: Owner Occupancy/Co- Applicants asherwood@hometownbankhv.com
TMatt87 Offline
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TMatt87
Joined: May 2011
Posts: 1,986
Idaho
Under the current rules, you report the OWNER occupancy. Even if a non-borrower was pledging their primary residence as collateral, you would report as owner occupied. Now in 2018, the rules are changing this field to applicant occupancy, which should clear up some of the confusion (hopefully).
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