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#2182075 - 06/18/18 03:31 PM Call report classification: multifamily?
RR Becca Offline
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RR Becca
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out of the frying pan...
Multiple condo units. All buildings contain at least 5 attached units. All units are individually titled and platted for tax purposes. In one case the borrower owns the entire complex, in another that is not so. I'm fairly certain that for call report purposes these are considered 1-4s and not MFs. Is that correct?

It's been a while since I worked with RC-C, and I think I'm letting the recent HMDA & appraisal changes confuse me. I'd appreciate a second opinion, please!
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#2182142 - 06/18/18 06:26 PM Re: Call report classification: multifamily? RR Becca
RR Becca Offline
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RR Becca
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out of the frying pan...
Some examples:

1) 60 unit complex (6 buildings of 10 each). Our borrower owns 52 units. I'm thinking this one is for sure 1-4.

2) 6 attached townhouse-style condos. All are firewalled and tax platted separately. Also 1-4?

3) 20-unit complex containing 4 5-unit buildings. Borrower owns the whole thing. The units were built as individual condos and *can* be sold separately, but have not been at this time. 1-4 or MF?
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#2182582 - 06/21/18 02:53 PM Re: Call report classification: multifamily? RR Becca
RR Becca Offline
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RR Becca
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out of the frying pan...
anybody?
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#2182588 - 06/21/18 03:11 PM Re: Call report classification: multifamily? RR Becca
NMB Offline
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Southeast Michigan
For me, if the units are individually deeded, they are 1-4 family. Generally, the only time a condo building would be called multifamily is when it is new, still owned by the developer, and getting some financing before it is converted to the individual deeds.
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#2182660 - 06/21/18 07:15 PM Re: Call report classification: multifamily? RR Becca
RR Becca Offline
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RR Becca
Joined: Sep 2004
Posts: 5,245
out of the frying pan...
Thanks!
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#2186581 - 07/24/18 02:00 PM Re: Call report classification: multifamily? RR Becca
compliancejunkie Offline
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Another call report question. A loan to a commercial customer for less than 1 Million dollars for a commercial purpose, secured by commercial real estate and in this case the loan is not primarily secured by the commercial real estate. So do we report this as 04A0 or 01E1.
Each example I find speaks about residential real estate, my issue is commercial real estate.
Thanks I have researched but can not find reference to commercial real estate.

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