quick HMDA question

Posted By: Reed

quick HMDA question - 01/09/06 08:24 PM

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
Posted By: Dan Persfull

Re: quick HMDA question - 01/09/06 08:39 PM

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.
Posted By: bgehres

Re: quick HMDA question - 01/09/06 08:39 PM

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.
Posted By: Reed

Re: quick HMDA question - 01/09/06 08:48 PM

Ok, thanks to you both. Thought so, checked GIR, just wasn't positive.