Skip to content
BOL Conferences
Thread Options Tools
#222532 - 08/02/04 05:41 PM HMDA - GMI Question
Anonymous
Unregistered

If a borrower is a limited partnership, but the decision was based on the personal income of 4 guarantors, do we need to get the GMI on the guarantors.

I researched and read that if the loan will be in the name of a corporation or partnership it would not be applicable. Is this correct?

I am beginning to doubt my line of thinking...Please help...Thanks

Return to Top
General Discussion
#222533 - 08/02/04 06:06 PM Re: HMDA - GMI Question
Cathy P Offline
Gold Star
Cathy P
Joined: Jan 2003
Posts: 318
NE
I would report income as NA since the borrower is an entity.

Return to Top
#222534 - 08/02/04 09:01 PM Re: HMDA - GMI Question
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Quote:

do we need to get the GMI on the guarantors.




No.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#222535 - 08/03/04 01:09 PM Re: HMDA - GMI Question
Anonymous
Unregistered

Thanks Dan and Cathy...It was one of "those" Mondays. I appreciate your help...

Return to Top