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#601908 - 08/19/06 01:49 PM HMDA - Owner Occupied vs Non Owner Occupied
hawkfan Offline
Member
Joined: Feb 2006
Posts: 83
We have a loan that is secured by one dwelling, with the proceeds to make improvements to a different dwelling. From what I have read, for MSA-St-Cnty-CenTract information we put the home that is being fixed up. My question is what do we put for owner-occupied. It is the primary home for the person living in it, they own it. But it is not the borrower's home (it's his brother). What would HMDA want in this case? Owner-occupied or non-owner occupied? It is owner-occupied, but not by the borrower.

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Lending Compliance
#601909 - 08/19/06 03:41 PM Re: HMDA - Owner Occupied vs Non Owner Occupied
Mrs. Rizzo Offline
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Mrs. Rizzo
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
I believe you report the owner occupancy of the property for which property location is being reported
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#601910 - 08/19/06 04:24 PM Re: HMDA - Owner Occupied vs Non Owner Occupied
hawkfan Offline
Member
Joined: Feb 2006
Posts: 83
I am sorry if I am being confused. So are you saying that I would report this loan as owner-occupied, even though the borrower is not the owner-occupier?

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#601911 - 08/19/06 05:05 PM Re: HMDA - Owner Occupied vs Non Owner Occupied
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
This will be reported as non-owner occupied. You report whether the property is the primary dwelling of the borrower. See page 12 of the GIR.
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#601912 - 08/19/06 05:21 PM Re: HMDA - Owner Occupied vs Non Owner Occupied
Mrs. Rizzo Offline
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Mrs. Rizzo
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
Quote:

I believe you report the owner occupancy of the property for which property location is being reported



The home being improved is non owner occupied (not occupied by the borrower)...the property being reported is the home being improved even though it is secured by a different dwelling
Last edited by Lyndsey; 08/19/06 05:23 PM.
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