Are you aware of the Corporate Transparency Act and how it might impact your business or your clients? If not, stay tuned and we’ll give you a brief description. My name is Tom Heath, I’m Vice President, Senior Loan Officer, and I lead the Mortgage Guidance Group here at Nova Home Loans. I just wanted to remind you of something we talked about at the end of last year called the Corporate Transparency Act in which any beneficial owner of a company is required to fill out a form and submit it to the federal government for review. It’s a way to help weed out bad actors that might be using the small businesses for money laundering or other nefarious acts. This affects businesses including LLCs and anyone with a greater than 25 % ownership needs to complete one of these forms and have it sent in. This is an act that came into play as of the beginning of the year and there’s different timelines based upon when your company was formed.
Where this has come into play in my world is with buyers that have chosen to put their property into an LLC after purchasing. Maybe they’ve got a couple of Airbnbs and each one is its own LLC and they have full ownership of it, but they do need to go in and complete this form. There’s a link over my shoulder in case you wanna learn more information from the agency that monitors this. If you have any questions, feel free to give me a call. I can let you know what I’m doing for my particular businesses. And as always, we recommend when it comes to the matter like this, if you wanna get legal advice, it’s not a bad idea to make sure you’re on top of it. It’s a good reason to reach out to your clients though make sure that if they do have an LLC set up for their property that they understand this does impact them.
As you’re out and about this weekend if you need any help with home loan pre -qualifications or if you have questions about mortgage loan programs, Trevor and I are available and as always we are ready to help. Have a great weekend. Thanks for your time.
