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#216697 - 07/28/04 03:51 PM Cosigner on RE Application
MB Puyear Offline
Member
MB Puyear
Joined: Sep 2003
Posts: 56
Oklahoma
If an applicant for a residential real estate loan is offering a co-signer who will not occupy the residence, are we required to obtain Reg B monitoring information for the co-signer?

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Lending Compliance
#216698 - 07/28/04 04:31 PM Re: Cosigner on RE Application
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
No, you only collect GMI for co-borrowers. However, if you relied on the co-signer's income, you will report the income.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#216699 - 07/28/04 05:36 PM Re: Cosigner on RE Application
MB Puyear Offline
Member
MB Puyear
Joined: Sep 2003
Posts: 56
Oklahoma
Thanks dpersfull!

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