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#1499654 - 01/25/11 02:48 PM Income
JUST CALL ME CRA Offline
100 Club
Joined: Aug 2002
Posts: 133
SOMEWHERE
When the borrower's income is business income what figure do you use. Our LO's are accustom to using "revenue" for CRA. But I am thinking that it should be net income plus depreciation if it is for HMDA. Please advise.
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#1502589 - 01/31/11 03:24 PM Re: Income JUST CALL ME CRA
JUST CALL ME CRA Offline
100 Club
Joined: Aug 2002
Posts: 133
SOMEWHERE
Is this just a really dumb question, or is everyone puzzled by it?
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#1502614 - 01/31/11 03:56 PM Re: Income JUST CALL ME CRA
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 46,832
Bloomington, IN
What type of business income?

Sole proprietorship?

Rental income?

Distributions?

Paid Officer Salaries?

You use the income the applicant received from the business entity.
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#1502776 - 01/31/11 06:37 PM Re: Income Dan Persfull
JUST CALL ME CRA Offline
100 Club
Joined: Aug 2002
Posts: 133
SOMEWHERE
The case in point was a sole proprietorship.
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