How to Report Loan on LAR

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Question:

I have read conflicting discussions about how to report a loan on the LAR. We have a loan secured by the primary residence, proceeds used to purchase a piece of rental property. Which property should we report?

Answer:

If you go to the Getting It Right Guide, available at the FFIEC HMDA site, you will find your answers by searching on the word "multiple."

For example:

2. Property location—multiple properties (home purchase/refinance of home purchase). For a home purchase loan, an institution reports the property taken as security. If an institution
takes more than one property as security, the institution reports the location of the property being purchased if there is just one. If the loan is to purchase multiple properties and is secured by multiple properties, the institution reports the location of one of the properties or reports the loan using multiple entries on
its HMDA/LAR (with unique identifiers) and allocating the loan amount among the properties.

Paragraph 4(a)(6). 1. Occupancy—multiple properties. If a loan relates to multiple properties, the institution reports the owner-occupancy status of the property
for which property location is being reported. (See the comments to paragraph 4(a)(9)).