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#311185 - 02/01/05 07:43 PM HMDA Loan to Trust
Suzie Offline
Platinum Poster
Suzie
Joined: Apr 2002
Posts: 662
Far North
Loan is to the family trust. Trustees signed note and also signed as individuals. Do I use 4, not applicable GMI for first applicant the trustee, & the GMI for second applicant an individual?

thanks -
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"Whales get harpooned because they surface to spout."

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Lending Compliance
#311186 - 02/01/05 07:48 PM Re: HMDA Loan to Trust
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,533
Bloomington, IN
Yes.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#311187 - 02/01/05 07:53 PM Re: HMDA Loan to Trust
Suzie Offline
Platinum Poster
Suzie
Joined: Apr 2002
Posts: 662
Far North
Thanks so much Dan the HMDA Man!
_________________________
"Whales get harpooned because they surface to spout."

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#311188 - 02/03/05 01:58 AM Re: HMDA Loan to Trust
CRAatBOK Offline

Power Poster
Joined: Mar 2004
Posts: 6,172
Further South than I wanna be.
Dan, Guess I am not the only one that has this situation.
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#311189 - 02/04/05 06:12 PM Re: HMDA Loan to Trust
Anonymous
Unregistered

My understanding is that legal requirements dictate the individuals sign as well, that is not necessarily who the borrower is which ties to the GMI. We have determined that there is no co-borrower in these trust situations so only the trust is indicated as the borrower. Anyone else had experience with the regulators on these?

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