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#2240719 - 08/05/20 09:08 PM ATR home loan under Trust
Nicole Offline
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Joined: Nov 2018
Posts: 130
We received an application to purchase primary residence and will be under Trust name. We only received tax returns for the Trust itself and income is all interest income. Would we have to do a DTI for ATR purposes? Normally when using business tax returns we do a DSCR. We are not using any of the borrowers personal income to qualify them?

Thank you

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Ability to Repay/Qualified Mortgage Rule
#2240721 - 08/05/20 10:05 PM Re: ATR home loan under Trust Nicole
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,958
Galveston, TX
Is this a revocable trust? What happens to your loan when the grantors revoke the trust?
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#2240726 - 08/06/20 02:53 PM Re: ATR home loan under Trust Nicole
Nicole Offline
100 Club
Joined: Nov 2018
Posts: 130
its a non revocable trust

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#2240734 - 08/06/20 04:25 PM Re: ATR home loan under Trust Nicole
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,958
Galveston, TX
Typically, non-revolving trusts are not consumers under Regulation Z.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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