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#2051545 - 11/27/15 05:53 PM
HMDA Commercial Loan GMI question
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New Poster
Joined: Mar 2014
Posts: 8
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If we have a HMDA reportable commercial loan with an LLC as the borrower, but the husband and wife who own the LLC are also signing as co-borrowers, who do we collect GMI information on and how is that section of the LAR completed? Who, if anyone, would be considered a co-applicant?
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#2051546 - 11/27/15 06:07 PM
Re: HMDA Commercial Loan GMI question
SDBanker80
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Diamond Poster
Joined: May 2011
Posts: 1,987
Idaho
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In the applicant GMI columns, you would input "Not Applicable" (4,7,4).
For the co-applicant columns, you would input the information of the husband (assuming he is listed first on the application). The wife (or second co-applicant listed) would not be shown of the LAR.
Last edited by TMatt87; 11/27/15 06:07 PM.
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#2051547 - 11/27/15 06:07 PM
Re: HMDA Commercial Loan GMI question
SDBanker80
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Power Poster
Joined: Aug 2001
Posts: 7,351
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Collect GMI on husband and wife. But you will report only first two borrowers, which are likely the LLC and the husband.
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#2051558 - 11/27/15 07:34 PM
Re: HMDA Commercial Loan GMI question
SDBanker80
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Joined: Mar 2014
Posts: 8
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#2060074 - 01/22/16 07:45 PM
Re: HMDA Commercial Loan GMI question
SDBanker80
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100 Club
Joined: Jul 2014
Posts: 194
MO
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I have a question regarding this issue...I've been struggling awhile with this. If they 2 human (husband and wife) both sign but then sign guaranty form as guarantors do you still collect GMI on them? Or would column 2 (the co-applicant) be 4,7,4 (Not applicable)?
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#2060078 - 01/22/16 07:47 PM
Re: HMDA Commercial Loan GMI question
SDBanker80
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Joined: Oct 2009
Posts: 9,105
OK
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They signed the loan as individuals, or signed as principals of the LLC?
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#2060093 - 01/22/16 07:56 PM
Re: HMDA Commercial Loan GMI question
SDBanker80
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100 Club
Joined: Jul 2014
Posts: 194
MO
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It's hard to explain, I'm sorry....the signatures are like this
ABC Investments - He signs, John Doe, President on this line John Doe - he signs his name, John Doe on this line
And the note is in both names
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#2060095 - 01/22/16 08:01 PM
Re: HMDA Commercial Loan GMI question
SDBanker80
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Joined: Oct 2009
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OK
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So he's signing the note twice: once as president of ABC Investments, and once as an individual?
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#2060098 - 01/22/16 08:03 PM
Re: HMDA Commercial Loan GMI question
SDBanker80
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Posts: 194
MO
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#2060099 - 01/22/16 08:04 PM
Re: HMDA Commercial Loan GMI question
SDBanker80
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Joined: Oct 2009
Posts: 9,105
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The way i see it then is that your guaranty agreements seem superfluous (they're already liable on the note by signing individually) and that yes, you'd need GMI on them, as they are not (truly) guarantors, they're borrowers.
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#2060110 - 01/22/16 08:17 PM
Re: HMDA Commercial Loan GMI question
SDBanker80
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Joined: Jul 2014
Posts: 194
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Ok, I have done that but I wanted to make sure. And I have addressed the loan administration department with this because I agree if they sign the note, then why the guaranty form? And when they do that it's just another field in HMDA that has to be completed, when if they would just put the loan in the business name and then the indiv. sign the guaranty form then I would have to report the GMI on that indiv.
We have so many like this and it's not consistent, some may just be in the business name ABC Investment, LLC but some are in both names on the note.
Thank you.
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#2060207 - 01/24/16 07:53 PM
Re: HMDA Commercial Loan GMI question
Catm1991
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Power Poster
Joined: Apr 2001
Posts: 4,828
Between the lines
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when if they would just put the loan in the business name and then the indiv. sign the guaranty form then I would have to report the GMI on that indiv. I am guessing that this is a typo and you meant to say that you would NOT report GMI on that indiv??? If the indiv is a borrower, you collect GMI, if the indiv signs on behalf of the company AND/OR signs as a guarantor, you do not collect GMI.
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