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#2302059 - 09/27/24 03:08 PM Is NA income acceptable in this situation
laf0915 Offline
100 Club
Joined: May 2006
Posts: 243
We have a bridge loan that will be paid completely off after sale of home. Loan proposal states that payback will come from the sale of the home. Is reporting NA as income okay in this situation?

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#2302065 - 09/27/24 03:19 PM Re: Is NA income acceptable in this situation laf0915
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,864
Bloomington, IN
6. Income data—credit decision not requiring consideration of income. A financial institution complies with § 1003.4(a)(10)(iii) by reporting that the requirement is not applicable if the application did not or would not have required a credit decision that considered income under the financial institution's policies and procedures. For example, if the financial institution's policies and procedures do not consider income for a streamlined refinance program, the institution reports that the requirement is not applicable, even if the institution received income information from the applicant.
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The opinions expressed are mine and they are not to be taken as legal advice.

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