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#480294 - 01/09/06 08:24 PM quick HMDA question
Reed Offline
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Reed
Joined: Sep 2005
Posts: 1,251
West Coast
If a preapproval is requested and given on a purchase of a second home, is that a code 1? in other words, does occupancy status effect the preapproval category?

Thanks

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#480295 - 01/09/06 08:39 PM Re: quick HMDA question
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,422
Bloomington, IN
Pre-approval rules apply to all home purchase transactions, I know of no distinctions made between owner or non-owner occupied property for these rules.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#480296 - 01/09/06 08:39 PM Re: quick HMDA question
bgehres Offline
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Joined: Mar 2005
Posts: 126
I don't think occupancy effects whether its a preapproval, as long as you have an established program. We have people buying rental properties this way and have been using code 1 for preapproval.

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#480297 - 01/09/06 08:48 PM Re: quick HMDA question
Reed Offline
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Reed
Joined: Sep 2005
Posts: 1,251
West Coast
Ok, thanks to you both. Thought so, checked GIR, just wasn't positive.

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