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HMDA Occupancy Code Non MSA Property

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Question: 
Should we be reporting a HMDA code "3" in the owner occupancy category when the property location is not in an MSA, or can we report a "1 - owner occupied" or "2 - not owner occupied"?
Answer: 

This is what the Getting It Right booklet tells you, so you may have a choice in the code, but I recommend you be consistent.

Use Code 3 if the property to which the loan relates is a multifamily dwelling; is not located in a metropolitan area; or is located in a metropolitan area in which your institution has neither a home nor a branch office. Alternatively, at your institution’s option, you may report the actual occupancy status, using Code 1 or 2 as applicable.

First published on BankersOnline.com 4/5/04

First published on 04/05/2004

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