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  • Indicates whether the property to which the loan application relates will be the owner's principal dwelling. For multifamily dwellings (housing five or more families), and any dwellings located outside MSA/MDs, or in MSA/MDs where an institution does not have home or branch offices, an institution may either enter the code for not applicable or the code for the actual occupancy status.

    For purchased loans, use code 1 (owner-occupied as a principal dwelling) unless the loan documents or application indicate that the property will not be owner-occupied as a principal residence.

    For second homes or vacation homes, as well as for rental properties, use code 2 (not owner-occupied as a principal dwelling).

    If a loan relates to multiple properties, the institution reports the owner-occupancy status of the property for which property location is being reported.

    Federal Financial Institutions Examination Council - Cite This Source - This Definition
  • Browse Related Terms: Dwelling, Home Improvement Loan, Home Purchase Loan, Loan Purpose, Occupancy, Property Type, Refinancing

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