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#2270471 - 05/16/22 04:15 PM Individual CRA Applications
referwithcaution Offline
New Poster
Joined: Feb 2022
Posts: 22
Good Morning/Afternoon,

I am still pretty new to HMDA/CRA, and am working to finish a report. Brief question:

For Loans where the borrowing entity is a natural person, and no non-natural person or entity is included in the loan...what is the appropriate code to list as "Business Revenue".

When there are applications like these for natural persons for "business investments", how am I to accurately report "business income" on a personal tax return if not "business income" is found on personal tax returns? Should I just rely on wages?

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#2270566 - 05/18/22 03:41 AM Re: Individual CRA Applications referwithcaution
Len S Offline
Diamond Poster
Joined: Oct 2004
Posts: 1,945
Connecticut
For small business loans under CRA there are no questions regarding race or ethnicity. If the borrower is a dba, the GAR associated with the dba would be the appropriate GAR if you relied upon it when making the credit decision. There should be a schedule C that reports business income and expenses that are part of the individual tax return.
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#2270655 - 05/19/22 04:29 PM Re: Individual CRA Applications Len S
referwithcaution Offline
New Poster
Joined: Feb 2022
Posts: 22
And if there is not documentation of a DBA revenue source within said TR, I should reach out to the Lender correct?

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#2270970 - 05/27/22 03:45 AM Re: Individual CRA Applications referwithcaution
Len S Offline
Diamond Poster
Joined: Oct 2004
Posts: 1,945
Connecticut
If there's no documentation that the bank relied upon the GAR provided by the borrower the code should be "3".
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