Does anyone have any guidance on what to do when HMDA information was collected when it shouldn't have been?

You know how it is...the Loan Officer forgets to mark out the GMI section and the customer fills it out. Is there any guidance anywhere regarding what to do in this situation? I've been looking in the "Getting it Right" guide but haven't found anything (yet).

Thanks everyone!

There is language in Reg B about collecting monitoring when not required (Reg C's monitoring program acts as a substitute for Reg B's monitoring program the way I understand it). See the OSC 202.13 (6).

raitchjay - There's no (6) in 202.13...well at least at what I'm looking at here:

http://www.fdic.gov/regulations/laws/rules/6500-2900.html#fdic650020213

Look in the Official Staff Commentary. And sorry, it's 13 (b)(6). I left that out.

Jay,

Do you read Reg C as saying that if you comply with it you do not have to also comply with Reg B Information for Monitoring?

You always have to collect the information under the provisions of Reg B if applicable in ADDITION to the requirements of Reg C if the loan is subject to Reg C.

http://www.bankersonline.com/forum/ubbthreads.php?ubb=showflat&Number=757635

Not exactly (this is just my opinion). Since Reg C just expands the requirements of Reg B by including home improvement loans, i've just taken it to mean that Reg B requirements are insufficient for a HMDA-reporting bank. However, if there were a case where Reg B would require you to obtain the monitoring and Reg C did NOT (maybe an "ag purchase" exempt from HMDA, for example), i would get the monitoring anyway. That's been my take anyway.

I'm a day late on this, but when I worked under the FDIC regulators, they said to use permanent marker and black out all GMI boxes so no one could see which one was checked and state: "customer completed GFI in error".