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Trusts and dwelling secured loans

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  • #2449
    Anonymous
    Inactive

    Our loan processing department has asked if a loan can be made with a Trust as the primary borrower using an individual’s, who is on the Trust, tax ID number (SSN)? And should a 1098 be issued even though the 1098 is for individuals?
    Also being that a Trust is an entity, how would you report the interest?

    Is there some training on this available somewhere?

    #2850
    dmurray
    Participant

    If I’m not mistaken, you wouldn’t produce a 1098 for an entity, just individuals. Also I’m under the impression that a Trust should probably have their own EIN. I couldn’t tell you where to find training on that though.

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