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#2211216 - 04/16/19 04:07 PM Using primary residence to purchase rental home
laf0915 Offline
100 Club
Joined: May 2006
Posts: 236
Customer obtained a loan secured by his primary residence. Purpose was to purchase a rental property. Does purpose get reported as purchase and occupancy as primary residence (since that is the collateral property) Probably a basic question, but I am experiencing HMDA confusion today!

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#2211224 - 04/16/19 04:32 PM Re: Using primary residence to purchase rental home laf0915
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,763
Central City, NE
You are correct on both!
Purpose is a purchase.
Report the Occupancy of the collateral as it pertains to the applicants. Thus, yes, it's reported as primary residence.
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David Dickinson
http://www.bankerscompliance.com

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