We have a withdrawn loan request where 2 individuals planned to form an entity. The request was withdrawn, and no entity was formed. Should we report on the HMDA LAR the demographic information on the 2 individuals? Or show it as an entity?
#2242970 - 09/23/2002:39 PMRe: Applicant is entity to be formed scb2011
Inherent_Risk
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Joined: Jan 2017
Posts: 570
Did you collect Demographic information from the individuals at application? Were they ever applying to be borrowers? I'm assuming the individuals applied as guarantors with the yet to be named entity as borrower. Guarantor information is not collected or reported.
As long as the individuals did not apply as borrowers, we would not have collected the information, and would not report it.