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#2231946 - 02/27/20 07:18 PM HMDA Loan to a Living Trust
Margarita Offline
Member
Joined: Oct 2005
Posts: 74
Wisconsin
I have a HMDA reportable loan that was made to a living trust that is under a SSN - John and Jane Doe Revocable Living Trust. The trust is under John's SSN. Do we report income or is it NA? If we have to report income, we would enter the income amount used to approve the loan, correct?

Went to file our data and this one edit came up.

Thanks!

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#2231948 - 02/27/20 07:36 PM Re: HMDA Loan to a Living Trust Margarita
Margarita Offline
Member
Joined: Oct 2005
Posts: 74
Wisconsin
I believe I found my answer but would appreciate if someone could confirm.

I found a guru question on almost this same issue. From my understanding of it, if the trustee, who's SSN the trust is using, did not sign the note as an individual, we would report it as an entity. But if they signed as the trustee and also as an individual, then we would report all of the individual's information - including income.

My scenario is that the person only signed as Trustee of the Trust. So I would report income as NA.

Does anyone agree with that?

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#2265287 - 01/26/22 09:24 PM Re: HMDA Loan to a Living Trust Margarita
complyorelse Offline
Gold Star
Joined: Nov 2007
Posts: 442
U.S.
Bump

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#2265290 - 01/26/22 09:38 PM Re: HMDA Loan to a Living Trust Margarita
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,663
Galveston, TX
You made a loan only to a revocable trust? Who do you plan to collect from once that trust is revoked?

If you only made the loan to the trust, then you did not make the loan to a natural person.
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