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#628953 - 10/25/06 02:42 PM HMDA -- Co-Signers/Guarantors
In Need of Help 101 Offline
Platinum Poster
Joined: Jan 2006
Posts: 574
Please forgive this simple question but I have searched and cannot find a definite answer. If I have one applicant and one co-signer/guarantor for a HMDA reportable loan, do I report the ethnicity race and sex of the co-signer/guarantor as well as the applicant?

The reason for my question is that we hired a company to do a compliance review and they noted that I did not report this information on a co-signer. Everything I am reading refers to the applicant and co-applicant...not co-signer or guarantor.

Help!

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Lending Compliance
#628954 - 10/25/06 02:58 PM Re: HMDA -- Co-Signers/Guarantors
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,832
Bloomington, IN
A co-signer is different from a guarantor. A co-signer is an applicant and directly obligated on the note whereas a guarantor is not and is secondarily liable.

If you report information for a co-signer but you do not for a guarantor.
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The opinions expressed are mine and they are not to be taken as legal advice.

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