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July 15, 2015
All About Escrows
David Dickinson

July 16, 2015
Business or Consumer Purpose, That Is the Question!
Kathleen Blanchard

July 21, 2015
Efficient SAR Narratives: Beyond the 5 W's
Victor Cardona

July 22, 2015
How to Complete the Loan Estimate
Jerod Moyer

July 28, 2015
Opening Nonprofit, Memorial, Donation, Association Accounts and more
Deborah Crawford

July 29, 2015
How to Complete the Closing Disclosure
Jerod Moyer



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#777536 - 07/18/07 11:53 AM GMI on HELOCs??????????
curly___ Offline
100 Club

Registered: 08/24/04
Posts: 247
Loc: SE, OK
Call me thick-headed, or flat out dumb; but for some reason I can't find where it says <in Reg C> that we SHALL NOT collect GMI on HELOCs. Anyone care to help a brotha out?

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HMDA
#777541 - 07/18/07 11:55 AM Re: GMI on HELOCs?????????? [Re: curly___]
arye Offline
Gold Star

Registered: 10/07/04
Posts: 464
Loc: Ohio
Under HMDA (Reg. C), HELOC's are optional reporting. If you have made the decision not to report HELOCs, then you do not collect GMI under Reg. C.

You may, however, have collection requirements under Reg. B (ECOA)...see 202.13.

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#777543 - 07/18/07 12:00 PM Re: GMI on HELOCs?????????? [Re: arye]
curly___ Offline
100 Club

Registered: 08/24/04
Posts: 247
Loc: SE, OK
We dont report HELOCs on the LAR, but are collecting GMI anyway. Reg B gives us a way out on the PM-2nds & Refis; but looks liked we dont have an excuse for collecting it on regular cash-out HELOCs.

Just trying to find a regulatory citation.

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#777596 - 07/18/07 12:42 PM Re: GMI on HELOCs?????????? [Re: curly___]
arye Offline
Gold Star

Registered: 10/07/04
Posts: 464
Loc: Ohio
Nope...regular cash out HELOC's would not fall under the Reg. B collection requirements.

There is no cite to say "do not collect"...rather, the cite is "when to collect"

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