2023 GIR - PDF page167
5.14 Occupancy type
A Financial Institution reports the occupancy type for the Identified Property, using one of the following:
1. Principal residence. An applicant or borrower can have only one principal residence at a time. However, if an applicant or borrower buys or builds a new Dwelling that will become the applicant’s or borrower’s principal residence within a year or upon the completion of construction, the new Dwelling is considered the principal residence for this data point. Comment 4(a)(6)-2. For purchased Covered Loans, a Financial Institution may report the occupancy type as “principal residence” unless the loan documents or Application indicate that the property will not be occupied as a principal residence. Comment 4(a)(6)-5.
The opinions expressed are mine and they are not to be taken as legal advice.