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#71423 - 04/02/03 07:18 PM
Reg. C HMDA - Occupancy
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10K Club
Joined: Oct 2000
Posts: 27,750
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1-Owner occupied principal residence 2-Not owner occupied 3-Not applicable
When would you use 3, vacation home?
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AndyZ CRCM My opinions are not necessarily my employers. R+R-R=R+R Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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#71424 - 04/02/03 07:24 PM
Re: Reg. C HMDA - Occupancy
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Anonymous
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I believe code 3 is used for multi-family dwellings and for 1-4 family dwellings that are not located in an MSA in which you have a branch office.
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#71425 - 04/02/03 07:26 PM
Re: Reg. C HMDA - Occupancy
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10K Club
Joined: Sep 2002
Posts: 13,965
TN
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Or business loans to purchase or refinance residential property (i.e. apartment complex, etc.).
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#71426 - 04/02/03 07:29 PM
Re: Reg. C HMDA - Occupancy
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10K Club
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
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Andy, we use 3 for multi-family properties. For vacation homes we use 2. However, if the vacation home is in a MSA where you do not have a branch office you may report 3.
(I guess they're called MAs now aren't they, it'll take me awhile to break the habit of MSAs.)
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The opinions expressed are mine and they are not to be taken as legal advice.
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#71432 - 04/03/03 04:06 AM
Re: Reg. C HMDA - Occupancy
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10K Club
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
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Me and Mr. Lite vote 1.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#71433 - 04/03/03 12:42 PM
Re: Reg. C HMDA - Occupancy
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10K Club
Joined: Sep 2002
Posts: 13,965
TN
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I think it's '1' if the structure is a 1-4 family and the owner lives there.
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#71434 - 04/03/03 01:44 PM
Re: Reg. C HMDA - Occupancy
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10K Club
Joined: Oct 2000
Posts: 27,750
On the Net
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Agreed. It isn't multifamily and it is owner occupied. 1.
_________________________
AndyZ CRCM My opinions are not necessarily my employers. R+R-R=R+R Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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#71437 - 04/03/03 07:01 PM
Re: Reg. C HMDA - Occupancy
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Power Poster
Joined: Dec 2002
Posts: 3,841
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Quote:
Quote:
We also have an occasional home improvement application where we don't know if the owner lives in the property or not (the applicant does, but is not the owner). We report those applications with a '3'.
Why would you not know? Wouldn't you ask during the application process? For sure, you would know prior to loan closing. Am I missing something? I don't think you can use "3" (N/A) because the occupancy status IS applicable for the type of loan applied for.
If the applicant for a home improvement loan rents, we don't routinely ask if the owner of the property lives there with him. Our regulator confirmed that this was an appropriate use of the occupancy code of '3'.
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#71441 - 04/08/03 06:34 PM
Re: Reg. C HMDA - Occupancy
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Anonymous
Unregistered
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I have another one...what if you have two buildings, each with 4 units, but have the same street address? I.E., 123 Hwy 4, Units 1-8. Is this a multi-family, or a 1-4 family since each unit is technically a 4 family?
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#71443 - 04/08/03 07:33 PM
Re: Reg. C HMDA - Occupancy
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Anonymous
Unregistered
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I agree. You have two quadraplex dwellings.
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