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#1735081 - 08/24/12 09:13 PM Cosignor considered a coapplicant for HMDA purpose
Happy in MN Offline
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So, do we collect GMI on a cosigner for HMDA reporting?

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#1735085 - 08/24/12 09:23 PM Re: Cosignor considered a coapplicant for HMDA purpose Happy in MN
AFaquir Offline
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An experts answer: Cosigner GMI
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#1735089 - 08/24/12 09:30 PM Re: Cosignor considered a coapplicant for HMDA purpose Happy in MN
Happy in MN Offline
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Seriously? they aren't borrowing the funds as a co-signor, just responsible if it goes bad

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#1735093 - 08/24/12 09:32 PM Re: Cosignor considered a coapplicant for HMDA purpose Happy in MN
hmdagal Offline
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If they sign the note, their information needs to be collected.

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#1735259 - 08/27/12 01:25 PM Re: Cosignor considered a coapplicant for HMDA purpose Happy in MN
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
Originally Posted By: Happy in MN
Seriously? they aren't borrowing the funds as a co-signor, just responsible if it goes bad


Yes, seriously. Review 1003.4 for the collection requirements.

The ethnicity, race, and sex of the applicant or borrower, and the gross annual income relied on in processing the application.

A cosigner is an applicant. You also report their income if used in the credit decision.
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The opinions expressed are mine and they are not to be taken as legal advice.

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