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How to Report Purchase of 6 Properties on 1 Loan

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Question: 
How do I report the purchase of 6 properties on one mortgage loan with a combination of 9 leased apartments plus 28 bedrooms with shared bathrooms that are rented weekly or monthly?
Answer: 

Let's look to the Commentary and note, this was a 1-1-2020 change - https://www.bankersonline.com/regulations/12-1003-004#a

2. Multiple properties with more than one property taken as security. If more than one property is taken or, in the case of an application, proposed to be taken as security for a single covered loan, a financial institution reports the covered loan or application in a single entry on its loan/application register and provides the information required by 1003.4(a)(9) for one of the properties taken as security that contains a dwelling. A financial institution does not report information about the other properties taken as security. If an institution is required to report specific information about the property identified in 1003.4(a)(9), the institution reports the information that relates to the property identified in 1003.4(a)(9) (or, if the transaction is partially exempt under 1003.3(d) and no data are reported pursuant to § 1003.4(a)(9), the property that the institution would have identified in § 1003.4(a)(9) if the transaction were not partially exempt). For example, Financial Institution A originated a covered loan that is secured by both property A and property B, each of which contains a dwelling. Financial Institution A reports the loan as one entry on its loan/application register, reporting the information required by 1003.4(a)(9) for either property A or property B. If Financial Institution A elects to report the information required by 1003.4(a)(9) about property A, Financial Institution A also reports the information required by 1003.4(a)(5), (6), (14), (29), and (30) related to property A. For aspects of the entries that do not refer to the property identified in 1003.4(a)(9) (i.e., 1003.4(a)(1) through (4), (7), (8), (10) through (13), (15) through (28), (31) through (38)), Financial Institution A reports the information applicable to the covered loan or application and not information that relates only to the property identified in 1003.4(a)(9).

First published on 07/05/2020

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