For the second time, a loan officer has presented a loan which is to purchase rental property through the customer's IRA. The Trust Company had procedures on how to title the property, etc. and we followed it to a tee. However, even though we followed their rules, I am not 100% sure that we are following lending rules. The borrower and owner of the RE is stated as "___ Trust Company dba ___ Trust Company Custodian FBO __[our customer's name]__ IRA #______". How do you CIP this entity? Whose TIN and address to use? We were instructed to use the TIN of the main Trust Co, but to use the address of the 'dba' Trust Co. The corporate docs were obtained for the main Trust Co, and all they give us is a list of 22 people from the main Trust Co and their signatures with titles of "Corporate Alternate Signer" stating any of them can sign our docs but state they cannot tell us which of those 22 will be the actual person signing and state they are not required to submita copy of that signers ID. I just want to make sure we are following all steps correctly (legally).
How do you properly title a DBA loan that has more than one signer?
What is our right to offset a delinquent personal loan with a DBA deposit account bearing the same social security number?
When making a loan to a sole proprietorship can you list the 'DBA' under the individuals name and SSN?