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#2177795 - 05/11/18 02:25 PM GMI vs DI for HMDA
Compliance Specialist Offline
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Joined: Oct 2016
Posts: 5
We were not required to report HELOC or LOC in HMDA, now that we are required my question is:

was GMI/DI required for applications taken in 2017?

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#2177806 - 05/11/18 02:48 PM Re: GMI vs DI for HMDA Compliance Specialist
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
Only if the application met the requirements of 1002.13.

Official Interpretation

13(a) Information to be requested.
5. Transactions not covered. An application for an 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.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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