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#1827341 - 06/25/13 06:58 PM Individual borrowing, Entity Owned
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
I am having a brain lapse. If we do a loan with an individual but a separate entity owns the real estate (such as a real estate holding co or individual trust) we report based on the individual correct?
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#1827343 - 06/25/13 07:00 PM Re: Individual borrowing, Entity Owned Bec
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,341
Galveston, TX
You report on the loan applicant, not on who owns the property. But in this case, what type of loan would be HMDA reportable?
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#1827731 - 06/26/13 03:12 PM Re: Individual borrowing, Entity Owned Bec
Bec Offline
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Bec
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The Great White North
It is a loan to the individual who has an LLC which is a real estate holding entity. THe LLC pledged the home as collateral. It is a refinance of an existing note secured by a 1-4 family dwelling that will be secured by the same dwelling.
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#1827762 - 06/26/13 03:41 PM Re: Individual borrowing, Entity Owned Bec
rlcarey Offline
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rlcarey
Joined: Jul 2001
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Galveston, TX
OK - just was trying to figure out whether or not this was even reportable.
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#1827765 - 06/26/13 03:44 PM Re: Individual borrowing, Entity Owned Bec
Bec Offline
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Bec
Joined: Jul 2010
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The Great White North
I definitely appreciate that. Thank you for the help! smile
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#1828297 - 06/27/13 05:02 PM Re: Individual borrowing, Entity Owned Bec
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
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Bloomington, IN
we report based on the individual correct

That depends on what information you are referring to. If you are referring to occupancy then you report the occupancy status based on if the owner of the property occupies it as their primary residence.
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