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#2053620 - 12/10/15 07:29 PM
reporting for Business customers
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100 Club
Joined: Jul 2014
Posts: 194
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How should I be reporting our Business loans as far as the Ethnicity, Race, and Sex? I want to be sure I am doing this correct, because I've started doubting myself.
If the loan is in the Business name and the guarantors name would I report as a 4, 4 for ethnicity, a 7, 7 for race, and then a 4,4 for sex? Or would I report the guarantor as a co-applicant and get their ethnicity, race and sex? Or....would I report as a 4, 5 for ethnicity, a 7,8 for race, and then a 4, 5 for sex?
I hope someone can clear my confusion! Thank you.
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#2053627 - 12/10/15 07:37 PM
Re: reporting for Business customers
Catm1991
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You never collect or report GMI on guarantors. If your loan is to a single business with no other borrowers (only guarantors), you would report NA for ethnicity, sex, and race for the applicant and "no co-borrower" on the co-borrower side (sorry..i don't keep up with the numbers).
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#2053628 - 12/10/15 07:39 PM
Re: reporting for Business customers
Catm1991
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I just re-read...what does "...the loan is in the Business name and the guarantors name" mean exactly? If you're signing a note individually, what is the point of a guaranty in your name? You're already liable. Or did you mean something else?
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#2053636 - 12/10/15 08:14 PM
Re: reporting for Business customers
Catm1991
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Posts: 194
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Well, the guarantor also has signed the note. And then they have signed their guarantor form as well. Example: ABC Properties, LLC Ben Moore That is how the note is typed and he signed it as ABC Properties, LLC then under that, signed his name Ben Moore.
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#2053638 - 12/10/15 08:15 PM
Re: reporting for Business customers
Catm1991
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Joined: Jul 2014
Posts: 194
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But then we have some where the loan is just ABC Properties, LLC with the guarantor of AB Moore and just AB Moore signed it as ABC Properties, then he (AB Moore) did sign the guarantor form.
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#2053639 - 12/10/15 08:17 PM
Re: reporting for Business customers
Catm1991
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The guaranty that you have is superfluous then; it appears you have 2 borrowers. As Kathleen stated, you would need GMI gathered and reported on him, so you'd report NA for your borrower and then report the GMI choices gathered on Ben Moore in the co-borrower field.
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#2053640 - 12/10/15 08:18 PM
Re: reporting for Business customers
Catm1991
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Just to emphasize though (since i can't see the note): he needs to be signing the note as an individual, not as an officer of the LLC, in order for him to be personally liable via the note.
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#2053672 - 12/10/15 09:36 PM
Re: reporting for Business customers
Catm1991
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Joined: Jul 2014
Posts: 194
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Thank you for the input. Now I've got to do some more digging.
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