FORUM PROFILE

HMDA condo question

Home Forums Home Mortgage Disclosure Act HMDA condo question

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #2340
    Anonymous
    Inactive

    When you have a condo for collateral on a loan, when is it appropriate to use a 1 as property type rather than a 3 for multi family dwelling? 😐

    #2693
    jholzknecht
    Keymaster

    Welcome to the Forum! 😀

    You should enter code 1 (one- to four-faimly) for loans on indivudal condominiums. Use Code 3 if the collateral consists of a building containing five or more units.

    See page A-1 of the Getting It Right Manual. See https://www.ffiec.gov/hmda/pdf/2010guide.pdf

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.