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#2208704 - 03/13/19 09:44 PM Exempt under threshold but still collect?!?!
Sara Offline
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Joined: Oct 2018
Posts: 14
We are under the temporary threshold for HMDA collection and reporting on HELOCs. It was recently brought to our attention that collection under Reg B is still required. If you're also under the temporary threshold, are you collecting on HELOCs under Reg B? Or did you just find it easier to collect and report under HMDA? Or are you not collecting or reporting HELOCs at all?

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#2208709 - 03/13/19 11:09 PM Re: Exempt under threshold but still collect?!?! Sara
TMatt87 Offline
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TMatt87
Joined: May 2011
Posts: 1,939
Idaho
Reg B has its own requirements to collect ethnicity, race, sex, age and marital status on certain applications. These requirements are separate from HMDA, so even if you are exempt from reporting for HMDA, you are still required to collect this information. Read 1002.13 for more information.
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#2208734 - 03/14/19 02:50 PM Re: Exempt under threshold but still collect?!?! Sara
GTS333 Offline
Gold Star
Joined: Jun 2010
Posts: 256
As an added note, don't forget that the CFPB added a lot more collection flexibilityin this area with their rule amending ECOA. It generally allows for more collection under ECOA (while you're obviously focused more on less collection), but passing along just to make sure you're familiar with it. Good luck!

https://www.consumerfinance.gov/policy-c...ion-collection/
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My opinion, take it for what its worth. Opinions expressed are my own and not those of my employer and are not legal advice.

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#2208735 - 03/14/19 02:53 PM Re: Exempt under threshold but still collect?!?! Sara
Adam Witmer Offline
Power Poster
Joined: Sep 2010
Posts: 2,643
Collecting under Reg B for HELOCs shouldn't be that big of a deal. GMI is only required for HELOCs under Reg B if it is "an application for credit primarily for the purchase or refinancing of a dwelling occupied or to be occupied by the applicant as a principal residence, where the extension of credit will be secured by the dwelling". As HELOCs are often equity loans (and not for a purchase or refinance), then GMI is not required.

That said, you will have the rare loan that is for a purchase (or refinance) where you need to collect it (though you technically don't need to collect it under B for a refi where you already have it on file from an initial purchase).

The link TMatt87 provided is the citation for all of this.
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Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

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