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Government Monitoring Information
Answer by David Dickinson, BOL Guru
Guru Bio

Question: When is the government monitoring information not required?

Answer: Two answers:

1. If you are a HMDA bank, then you cannot request/collect GMI on any loan not subject to HMDA (Reg C).

2. If you are not a HMDA bank, then you cannot request/collect GMI on any loan not for the purchase or refinance of the borrower's principal dwelling. See 202.13 of Reg B.

First published on BankersOnline.com 10/18/04









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