09/29/2008
I want to verify a procedure on collection of government monitoring information on residential real estate applications. If an application is a telephone application at what point are you required to have the government monitoring data collected either through the customer completing or through visual observation? We have an associate questioning whether the data has to be collected at all on a telephone application. We have been collecting it on the final application signed at closing on telephone applications. What is correct?
08/18/2008
I am brand new to compliance at a small national bank that does not do HMDA reporting. Do we still have to collect the information (gray areas of the residential loan application) as required by 12 CFR 27?
07/21/2008
What compliance issues do we need to think about when taking a loan application over the phone? Currently, we do not practice taking them and I am trying to figure out why we don't. Any input or specific resources would be great.
07/14/2008
Should we be collecting applicant information (race, ethnicity, sex) on non-reportable real estate loans? Some examples would be loans against a borrower's home for the purpose of financing college tuition, taking a vacation, purchasing stock, etc. I know we would not include this on our LARs or on the information we send to HUD. I am simply wondering about gathering it for the file. The reason I am wondering if should we have it collected is in case we ever go through a fair lending audit.
07/14/2008
I have read the following statement under Reg B staff interpretations of 202.13 (#5) "an application for open-end home equity line of credit is not subject to this section unless it is readily apparent to the creditor when the application is taken that the primary purpose of the line is for the purchase or refinancing of a principal dwelling". To me that means that if an applicant applies for a HELOC with the intention of purchasing or refinancing their home that we (the lender) should gather government monitoring information. Am I understanding correctly? If I am, what is the creditor supposed to be doing with the GMI? For HMDA we report the GMI on the HMDA LAR, but there is not a Reg B LAR to my knowledge.
03/10/2008
When is monitoring needed on a construction loan according to Reg B? Is the absence of a takeout letter indicative of a construction permanent loan? If we don't do takeout letters should we obtain monitoring information on all our construction notes or must the application itself indicate an intention by the applicant to receive long term financing?
11/12/2007
I can't find in Reg B where it excludes temporary financing for the collection of government monitoring information. Reg B Sec.203.13 refers to home purchase and refinance of home purchase for a primary residence, but I don't find where it refers to permanent or temporary financing. Am I missing something? (We are not a HMDA reporting bank.)
06/18/2007
A loan application is completed by an applicant and dropped off at our office, but they did not complete the government monitoring information. Would this be considered mail or face to face for determining the HMDA codes?
04/23/2007
If one applicant is face to face when filling out a joint URLA application, but the co-applicant is not present how should the monitoring information be completed?
11/06/2006
At one time we were not to copy drivers license and put them into the credit file. I understand a recent interagency agreement has changed that procedure. Do you have any knowledge of the change?