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#2129972 - 05/10/17 08:03 PM 2nd Mortgage to fix a vehicle-GMI
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
2nd mortgage on primary to fix a vehicle. Cash out, no refinancing involved. We are a HMDA bank.
I know this would not be reportable for HMDA. Would we have to collect GMI though?
It looks like we would not because it the credit is not for the purpose of refinancing or purchasing a primary dwelling.
Just would like some confirmation or if I am wrong some correction.
Thank you, my CRA-full scope exam in a week addled brain appreciates it.
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Lending Compliance
#2129974 - 05/10/17 08:13 PM Re: 2nd Mortgage to fix a vehicle-GMI Bec
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,875
OK
You are correct--no GMI.
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I'm fixin' to fix that.

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