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#912559 - 02/28/08 10:35 PM GMI Again-Business Purpose
KTMiteComply Offline
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KTMiteComply
Joined: Jul 2007
Posts: 3,298
only if I want to....
OK - If we collect GMI for an individual on Reg B for a Business Purpose Loan it is a violation...correct?

Ok So what is the deal for Reg C???? Does Reg C trumph Reg B on this issue? I'm so like confused!!!!!

We have Business Purpose loans that are made by Individuals but I am unclear about reporting the GMI for HMDA purposes.

Thanks...I feel like I'm living in Stupid 101!!!!
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#912601 - 02/28/08 11:22 PM Re: GMI Again-Business Purpose KTMiteComply
Mrs. Rizzo Offline
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Mrs. Rizzo
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
The fact that it is a business purpose loan doesn't matter. If the loan is HMDA reportable, you would collect GMI.
If the loan is to a non natural person you would select the NA code for race, sex and ethnicity.
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