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Legal Definition of "Owner Occupied"

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Question: 
I need the legal definition of owner occupied. I processed a loan recently for a business and our collateral was vacant land. I was told this would be considered owner occupied because the borrower owns the property. After 15 years as a loan processor, I have NEVER heard it explained this way before. I was told owner occupied is not related to whether the owner lives there, or not.

First published on 06/18/2012

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