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#2009792 - 04/23/15 04:00 PM CTR Loan Payment - who benefits?
Littlebug Offline
New Poster
Joined: Mar 2006
Posts: 24
CT
A customer came in and made a reportable payment to her home equity line of credit. The line of credit is joint (husband and wife). The wife was the conductor. My question is does the husband "benefit" from this transaction? Should he be listed as "on whose behalf the transaction was conducted" for the loan payment? A deposit was also made to a deposit account at the same time and he was not present so he would be listed as "on whose behalf the transaction was conducted" for the deposit, just unsure about the loan payment. Thanks for your help

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#2009793 - 04/23/15 04:02 PM Re: CTR Loan Payment - who benefits? Littlebug
Dani York, CRCM Offline
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Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
Yes, the husband does benefit from a payment on a joint loan. His current liability to the bank has decreased, and he know has more available credit.
Last edited by Dani York, CRCM; 04/23/15 04:02 PM.
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#2009800 - 04/23/15 04:42 PM Re: CTR Loan Payment - who benefits? Littlebug
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
Agree with Dani. There should be a Part I with her role as 2a-person conducting transaction own behalf, and a Part I with his role as 2c-person on whose behalf transaction was conducted.
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I hear and I forget. I see and I remember. I do and I understand.--Confucius

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