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#1843175 - 08/16/13 03:39 PM Tax Exempt Income
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Joined: Aug 2002
Posts: 133
If a borrower has tax exempt income, and the financial institution grosses up the income by 1.25 to calculate Debt to Income, which is reported to HMDA, the grossed up amount or the actual amount? The reg indicates that you use the income that is used in making the decision. Not sure how to intepret that in these cases.
Opinions do not reflect opinion of employer and cannot be relied upon as advise.

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#1843626 - 08/19/13 04:11 PM Re: Tax Exempt Income JUST CALL ME CRA
James M. Moore Offline
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James M. Moore
Joined: Jul 2013
Posts: 110
You are supposed to use the gross annual income. Use the number used in the DTI calculation.
James M. Moore, CRCM
My postings are not legal advice and may not be endorsed by my employer.

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