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#1883526 - 01/06/14 09:14 PM Guarantors
swthomeala Offline
Junior Member
Joined: Oct 2005
Posts: 39
I have a loan that was originally to purchase a mobile home in the name of the primary borrower - John Doe [/color][living in the mobile home]and the co-borrower - Mary Deer [not living in the mobile home]. The loan was refinanced to lower the payments. Mary Deer was removed as co-borrower and became a guarantor. Jane Doe [John's wife] became co-borrower. Both the primary borrower and the new coborrower declined when credit scored and the loan was approved on Mary Deer [guarantor]. I know that I report the borrower and co-borrower's information for HMDA purposes but since we used the guarantor's income to approve the loan - do I use all 3 incomes when reporting this on the LAR?

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#1883846 - 01/07/14 06:51 PM Re: Guarantors swthomeala
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,155
Bloomington, IN
Guarantor information is not reported.
The opinions expressed are mine and they are not to be taken as legal advice.

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