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:
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.
Published
2024/03/15