Reporting Income for CRA

Answered by:

Melissa Blaser | CRCM, CAMS, CPA, CFSA, CFIRS

Question:

When reviewing purchased loans for CRA that are business purpose loans, can we use the revenue listed on the Loan Summary page to determine revenue if there is nothing else in the file that show the business income?

Answer:

When providing the revenue code for CRA, you must use the revenue relied on when making the credit decision, which may be the Loan Summary information depending on how it was presented. If the information is unknown, you'd report it as such.