Yes, we believe you should list a land trust as a co-applicant or co-borrower on your HMDA report when the trust is a co-obligor on the note. The official commentary to Regulation C recognizes that a co-applicant may be a non-natural person, such as a trust, and provides that the requirement to report a non-natural co-applicant’s ethnicity, race, sex, age, and income is not applicable.

For resources related to our guidance, please see:

• Regulation C, 12 CFR 1003.4(a) (“A financial institution shall collect data regarding applications for covered loans that it receives, covered loans that it originates, and covered loans that it purchases for each calendar year. . . . The data collected shall include the following items: (10) The following information about the applicant or borrower: (i) Ethnicity, race, and sex, and whether this information was collected on the basis of visual observation or surname; (ii) Age; and (iii) . . . the gross annual income relied on in processing the application.”)

• Regulation C, Appendix B to Part 1003, Paragraph 7 (“You must report that the requirement to report the applicant’s or co-applicant’s ethnicity, race, and sex is not applicable when the applicant or co-applicant is not a natural person (for example, a corporation, partnership, or trust). For example, for a transaction involving a trust, you must report that the requirement to report the applicant's ethnicity, race, and sex is not applicable if the trust is the applicant. On the other hand, if the applicant is a natural person, and is the beneficiary of a trust, you must report the applicant’s ethnicity, race, and sex.”)

• Regulation C, Official Interpretations, 12 CFR 1003.4(a)(10)(ii), Comment 4 (“A financial institution complies with § 1003.4(a)(10)(ii) by reporting that the requirement is not applicable if the applicant or co-applicant is not a natural person (for example, a corporation, partnership, or trust). For example, for a transaction involving a trust, a financial institution reports that the requirement to report the applicant’s age is not applicable if the trust is the applicant. On the other hand, if the applicant is a natural person, and is the beneficiary of a trust, a financial institution reports the applicant’s age.”)

• Regulation C, Official Interpretations, 12 CFR 1003.4(a)(10)(iii), Comment 7 (“A financial institution reports that the requirement is not applicable when the applicant or co-applicant is not a natural person (e.g., a corporation, partnership, or trust). For example, for a transaction involving a trust, a financial institution reports that the requirement to report income data is not applicable if the trust is the applicant. On the other hand, if the applicant is a natural person, and is the beneficiary of a trust, a financial institution is required to report the information described in § 1003.4(a)(10)(iii).”)