Reporting HMDA Data: Occupancy Type

When you report HMDA data, you must be very meticulous because there is very little room for error. One data field that causes a lot of confusion is the Occupancy Type. One of the main reasons behind the confusion is that HMDA used to require that you report the Owner Occupancy of the security property but that was changed back in 2018. Today, you are required to report how the security property is or will be used by the applicant as a/an:

  1. Principal Residence
  2. Second Residence
  3. Investment Property

Keep in mind; however, that not every scenario will fit perfectly under one of these three options like, for instance, when you have a third-party pledging the collateral for the loan.

David explains more in the video.


HMDA Resources!

Published
2024/03/15

David Dickinson

David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.

He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.

David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.

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