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#637683 - 11/13/06 08:45 PM More HMDA Confusion
ACBbank Offline
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ACBbank
Joined: Jul 2006
Posts: 4,344
New York City
Ok, the more I think about this, the more I am beating my head on my desk. This is regarding the the occupnacy status being based on the "owner."

If a business entity has a commerical loan secured by a residential dwelling, would I be correct in assuming that in most cases, the occupancy status would be a 2-non-owner occupied? As, the owner would be the business entity, and most businesses do not operate out of a residential structure. At least in NY. Any opinions would be apprecriated.
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Lending Compliance
#637684 - 11/13/06 09:09 PM Re: More HMDA Confusion
hmdagal Offline
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hmdagal
Joined: Dec 2002
Posts: 3,841
Generally, you would be correct. The exception would be if an individual (maybe the business owner) pledged their home as additional collateral for the business loan.

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