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#897235 - 01/31/08 04:20 PM How to I report?
QueenBB Offline
100 Club
Joined: Jan 2006
Posts: 190
TX
Difference on opinion of reporting ethnicity, race and sex
FACTS:
Loan to purchase dwelling, non-owner occupied,investment property

Buyer(s) use business name - no RESPA, ethn/race/sex all N/A???

Buyer(s) use individual name(s) - RESPA and report ethn/race/sex???

Am I correct? Does it matter if the buyer is a sole proprietor? Is the key the name on the app as far as who is purchasing? Would a sole proprietor have ethn/race/sex reported?

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#897247 - 01/31/08 04:26 PM Re: How to I report? QueenBB
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
When your financial institution lends to a sole proprietor they are lending to a natural person. Ethnicity, race, sex would be reported.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#897258 - 01/31/08 04:33 PM Re: How to I report? Dan Persfull
QueenBB Offline
100 Club
Joined: Jan 2006
Posts: 190
TX
So...if the loan is to a business, race/etc.....is N/A

BUT if the loan is to individuals, race/etc....is reported.

Is that correct? Look to the borrower. Purpose doesn't matter.

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#897267 - 01/31/08 04:36 PM Re: How to I report? Dan Persfull
QueenBB Offline
100 Club
Joined: Jan 2006
Posts: 190
TX
So...if the loan is to a business, race/etc.....is N/A

BUT if the loan is to individuals, race/etc....is reported.

Is that correct? Look to the borrower. Purpose doesn't matter.

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#897279 - 01/31/08 04:43 PM Re: How to I report? QueenBB
Mrs. Rizzo Offline
10K Club
Mrs. Rizzo
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
You would report the GMI info on borrowers that are natural persons
Joe and Jane Smith
You would chose NA for non natural persons
ABC, Inc.
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Take responsibility for your life.

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#897281 - 01/31/08 04:44 PM Re: How to I report? QueenBB
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
If your loan is to a non-natural person, such as a corp., LLC or partnership, then you would not report ethnicity/race/sex.

However a loan to Dan Persfull d/b/a Persfull Consulting is made to Dan Persfull. The loan may be for a business purpose but as long as that purpose also meets the definitions of a home purchase, home improvement or refinancing it is HMDA reportable.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#897292 - 01/31/08 04:49 PM Re: How to I report? Dan Persfull
QueenBB Offline
100 Club
Joined: Jan 2006
Posts: 190
TX
Muchas gracias. I won!

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