Any loan, with the exception of a temporary construction loan, is subject to the Reg. B GMI data collection requirements if the loan is to purchase, or refinance the purchase of the applicant's primary dwelling and will be secured by that dwelling. Construction/permanent loans are subject to GMI data collection requirements.
1. Bridge loan secured by the primary dwelling being purchased. Collect GMI.
2. Bridge loan secured by the current/existing primary dwelling to purchase a new primary dwelling. Do not collect GMI.
3. Bridge loan secured by the current/existing primary dwelling to purchase a new primary dwelling and also secured by the new primary dwelling. Collect GMI.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.