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#1137716 - 02/27/09 08:16 PM Income Listed as N/A
La. Lady Offline
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La. Lady
Joined: May 2001
Posts: 1,873
....application received from a mobile home center. Bank didn't complete any other application....On the one received there was no income listed....This application was denied. When completing the HMDA LAR, bank states income is "N/A"....This isn't a business, isn't an employee, how can that be justified......What needs to be done...
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#1137725 - 02/27/09 08:21 PM Re: Income Listed as N/A La. Lady
Truffle Royale Offline

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Income wasn't provided on the application? Would that be one of your denial reasons? If you use the right denial code (7) it might work. Or leave the income section blank? Don't know. Just offering suggestions.

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#1137730 - 02/27/09 08:25 PM Re: Income Listed as N/A Truffle Royale
#12 Offline
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Joined: Jun 2005
Posts: 1,343
You can report N/A if:


your institution does not take the applicant’s income into account,

the loan or application is for a multifamily
dwelling,
— the transaction is a loan purchase and you choose not to collect the information, or

the transaction is a loan to, or application from, an employee of your institution and you seek to protect the employee’s privacy, even though you relied on his or her income, or

the borrower or applicant is a corporation, partnership, or other entity that is not a natural person.

I would say that it this falls under the first one, if you didn't have it, you didn't take it into account. I found this on page 16 of the GIR.
Last edited by #12; 02/27/09 08:25 PM. Reason: add page # in GIR
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#1137732 - 02/27/09 08:25 PM Re: Income Listed as N/A Truffle Royale
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
If income wasn't provided then I would say no income was used in the credit decision. NA would be appropriate.
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#1137738 - 02/27/09 08:27 PM Re: Income Listed as N/A Truffle Royale
La. Lady Offline
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La. Lady
Joined: May 2001
Posts: 1,873
Thanks....That isn't one of the reasons listed....The customer never came to the bank. The branch stated that the loan was withdrawn......BUT.....the customer wanted a fixed rate and was unable to provide down payment ...............So, I'm not comfortable with the denial reasons.....which they said was withdrawn by the customer....it looks like it wasn't withdrawn....but denied instead...............

I'm not sure what to do, except to leave it blank....ensure that the bank has the reason it was left blank provided in the file......................and.....................well, that is my story and I'm sticking to it....
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#1137739 - 02/27/09 08:28 PM Re: Income Listed as N/A La. Lady
#12 Offline
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Joined: Jun 2005
Posts: 1,343
You can't leave income blank on the LAR, it will give you a validity error. Report it as N/A as Dan and I stated above.
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#1137740 - 02/27/09 08:28 PM Re: Income Listed as N/A La. Lady
La. Lady Offline
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La. Lady
Joined: May 2001
Posts: 1,873
Oh..........sorry, I answered before I read all of the comments....


Thanks, everyone
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#1137748 - 02/27/09 08:32 PM Re: Income Listed as N/A La. Lady
hmdagal Offline
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hmdagal
Joined: Dec 2002
Posts: 3,841
You might want to make sure an AAN gets sent, too.

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#1137779 - 02/27/09 08:46 PM Re: Income Listed as N/A hmdagal
La. Lady Offline
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La. Lady
Joined: May 2001
Posts: 1,873
AAN....WOULD BE?????????
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#1137793 - 02/27/09 08:55 PM Re: Income Listed as N/A La. Lady
hmdagal Offline
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hmdagal
Joined: Dec 2002
Posts: 3,841
Adverse Action Notice.

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#1137817 - 02/27/09 09:10 PM Re: Income Listed as N/A hmdagal
La. Lady Offline
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La. Lady
Joined: May 2001
Posts: 1,873
OOPS.....SORRY I'M JUST ABOUT COMOTOSE NOW....
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