We have a 21 unit apartment building we are refinancing. The owners occupy 2 of the units.. under race sex etc. do we use owner information or is it best to use not applicable. Same question for income, use owners income or n/a. Thank you !
raitchjay
Power Poster
Joined: Oct 2009
Posts: 9,105
OK
If the loan is in the name of a natural person or persons, then you report the sex, race, and ethnicity of the applicants. "NA" is to be reported for income for loans on multifamily dwellings.
Thank you, Just to make sure I am clear.. if loan is made to Mr & Mrs. Owner of 21 units and occupying 1.. collecting their race & sex & reporting is OK and income is N/A?
hmdagal
Power Poster
Joined: Dec 2002
Posts: 3,841
If the loan is to the individuals you are required to collect and report the monitoring information, and report the income as NA. For occupancy you have the option of reporting NA or the actual occupancy status.
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