Common use of Owner Occupancy Clause in Contracts

Owner Occupancy. ‌ The post-Closing QC review must include a verification of owner-occupancy for all Mortgage Loans secured by a Primary Residence. The PFI must review the property insurance policy and any other documentation in the file that is necessary to confirm there are no indicators that the property is not the Borrower’s Primary Residence. Documentation could include such items as the Appraisal, income tax returns, or tax transcripts. In addition, the changing of the mailing address by the Borrower to an address other than that of the Mortgaged Property’s shortly after Closing may be an indication that the Mortgaged Property is not the Borrower’s primary residence.