Answer:
It would be Code 1, one-to-four family dwelling. Multi-family means more than four units in a single building. You have multiple one-to-four family units.
First published on BankersOnline.com 11/08/10
Code for HMDA LAR for Duplexes
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Question:
Our bank is making a loan for the purchase of nine duplex units. When completing the HMDA LAR, would the property type be a one-to-four family (Code 1)or a multi-family (Code 3)?
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