On the URLA Form 1003, Section I asks about the borrower's intended occupancy. A borrower indicates they will use the property as a primary residence but mentions they travel extensively for work and will only be home 3-4 months per year. What additional documentation should the MLO request?
Correct Answer
B) A letter of explanation regarding the occupancy intention and travel schedule
While extensive travel for work doesn't automatically disqualify primary residence status, the MLO should obtain a letter of explanation to clarify the borrower's intent to occupy the property as their primary residence when not traveling. This helps establish the borrower's genuine intent and supports the occupancy classification.
Why This Is the Correct Answer
While extensive travel for work doesn't automatically disqualify primary residence status, the MLO should obtain a letter of explanation to clarify the borrower's intent to occupy the property as their primary residence when not traveling. This helps establish the borrower's genuine intent and supports the occupancy classification.
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