Skip to content

Daughter's Loan - Father's Qualifications

Answered by: 

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?

If he signed the note, report the income. If he only signed a guaranty form, do not report the income.

First published on 10/25/10

First published on 10/25/2010

Filed under: 
Filed under lending as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics