HMDA Borrower is a Trust

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Question:

HMDA loan-applicant is a is a living trust (husband and wife). Is the correct monitoring data answer "NA" or should the husband and wife complete the form as individuals?

Answer:

A Trust is a legal entity. The appropriate codes for "NA" should be entered for the ethnicity, race and sex for the Trust. If the husband and wife are not borrowers, then you will not have any government monitoring information.

First published on BankersOnline.com 8/02/04