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#1354334 - 03/09/10 04:19 PM Government monitoring on a home equity LOC
Sullivan Offline
Member
Joined: Jan 2009
Posts: 51
Wolters Kluwer is no longer providing the HELOC application and disclosure that we have been using for years. The new application looks very similar to the 1003 Residential Loan Application and it has a section for government monitoring, but I don't believe we are supposed to collect that information on a HELOC? Can someone confirm that please?

Thanks!
Dawn

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Lending Compliance
#1354344 - 03/09/10 04:27 PM Re: Government monitoring on a home equity LOC Sullivan
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,535
Bloomington, IN
Reg B - if at the time of application you know the HELOC will be used to purchase or refinance the consumer's principal dwelling you collect GMI.

Reg C - if you report HELOCs you collect GMI.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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