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#2184432 - 07/06/18 09:28 PM Reg B GMI required?
Audit_Angel Offline
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Joined: May 2018
Posts: 3
The bank is not a HMDA bank. A person is buying a home for their primary dwelling. The bank is giving a single pay loan for 11 months on the primary dwelling being purchased and the person will be using the proceeds from selling 3 other properties to pay off the loan at maturity. The bank is doing the loan as a bridge loan. Is GMI required to be collected under Reg B for this loan?

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Fair Lending
#2184450 - 07/07/18 05:56 AM Re: Reg B GMI required? Audit_Angel
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
An application for temporary financing to construct a dwelling is not subject to § 1002.13. There is no mention of an exemption for bridge loans,
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