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#1900642 - 02/27/14 04:52 PM GMI never requested on HI loan
Bluesfan57 Offline
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Joined: Feb 2011
Posts: 155
Peak 10 Breck, CO
our LO took the app on a HELOC app which didnt have the GMI section on it, our loan prodcution department didnt catch it and question it.

So we have a HMDA reportable HI loan with no GMI, would you report 3,6,3 for not provided?

fortunately the loan production department was completely rebuilt late last year and processes have been cleaned up moving forward but wanted to know how someone else would report.

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#1900661 - 02/27/14 05:22 PM Re: GMI never requested on HI loan Bluesfan57
Truffle Royale Offline

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How the application is marked as taken will define how you can report GMI. If it was taken face to face, you'll have to contct the LO and get them to complete it. Other methods or receipt would allow you to use 3/6/3.

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#1900713 - 02/27/14 06:16 PM Re: GMI never requested on HI loan Bluesfan57
Bluesfan57 Offline
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Joined: Feb 2011
Posts: 155
Peak 10 Breck, CO
thank you very much, i forgot to mention that in the initial post. It was initially taken via telephone.

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#1900833 - 02/27/14 08:35 PM Re: GMI never requested on HI loan Bluesfan57
Princess Romeo Offline

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Also - are you opting to report HELOCS? If so, then be sure to only report the amount the applicant indicated will be used for Home Improvement, so yeah.., you have to get documentation to support that.

Or - you can choose to not report HELOCS at all, and then you don't need GMI on any of them.
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