Loan to a Trust: HMDA Reporting Requirements

Answered by:

Question:

There has been so much discussion on this, I am curious of your position. HMDA reportable loan made to a trust or a revocable trust trustees are or are not guarantors. What is the HMDA reportability and what do we record as the race/sex for the applicant(s) under each scenario?

Answer:

If the loan is secured by a dwelling, it is HMDAreportable. Your only problem is the monitoring data issue. Because the loan is to a trust and not a natural person, you would enter n/a for monitoring data.

First published on BankersOnline.com 2/05/01