Answer:
If he signed the note, report the income. If he only signed a guaranty form, do not report the income.
First published on BankersOnline.com 10/25/10
Daughter's Loan - Father's Qualifications
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Question:
We have a residential loan in which the daughter's income does not qualify for the mortgage. We approved the loan with her father's income. The daughter is the only borrower and her father is the guarantor only. According to HMDA, getting it right, we need to report the incomes used to qualify the loan. However, they state the guarantor's GMI is not recorded? How do we best handle this?
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