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#2006750 - 04/08/15 02:24 PM HMDA - GMI reporting
TBT Offline
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Joined: Apr 2011
Posts: 7
I am needing clarification on how to report GMI info for HMDA loans when you have 2 (initial and final) applications. We have several initial applications that have 2 borrowers listed, but when the loan closed, we only had 1 borrower. How do we report this? Thanks for any help given!!!!!!!

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#2006751 - 04/08/15 02:26 PM Re: HMDA - GMI reporting TBT
ComplianceNerd Offline
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Joined: Nov 2011
Posts: 378
Texas ...
Report the loan with the borrower on the loan and the other fields for the co-borrower as 5, 8, 5. (No Co-borrower)
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#2006755 - 04/08/15 02:34 PM Re: HMDA - GMI reporting TBT
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,398
I agree with ETX L. Once a loan is originated, you report based on that, not the original application.

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#2006765 - 04/08/15 02:56 PM Re: HMDA - GMI reporting TBT
TBT Offline
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Joined: Apr 2011
Posts: 7
That is what I was thinking too!! Thank you both so much!

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#2006818 - 04/08/15 04:48 PM Re: HMDA - GMI reporting TBT
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Beware of an applicant being dropped off a file. Why? If for credit problems (not a qualifying score), was that applicant provided with a Notice of Action Taken?

At my prior bank, auditors found a number of instances whereby the co-borrower was dropped due to credit but no AAN was provided.
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