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#278951 - 11/23/04 05:42 PM HMDA rental house
Anonymous
Unregistered

On purchases of houses to be used as rentals do we put the not applicable codes in for ethnicity, race, and sex on the LARS. I am new to HMDA.

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Lending Compliance
#278952 - 11/23/04 05:47 PM Re: HMDA rental house
someone else Offline
Power Poster
someone else
Joined: Aug 2004
Posts: 3,300
back to my roots
No, use the GMI codes that were provided by the borrower at the time of application. Depending on how the app was taken , if there were no GMI codes used then the correct codes would be "Not Provided".

However, if the borrower on the loan is a non-entity, i.e. a corporation, then the GMI codes would be "Not Applicable".
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#278953 - 11/23/04 06:40 PM Re: HMDA rental house
Anonymous
Unregistered

When purchasing a rental house, all we collect is financial statements, tax returns, cash flows. We don' use an actual application. So I am guessing we use the not provided code. The not provided code says, information not provided by applicant in mail, internet, or telephone applications. What if we collect information face to face?

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#278954 - 11/23/04 06:56 PM Re: HMDA rental house
someone else Offline
Power Poster
someone else
Joined: Aug 2004
Posts: 3,300
back to my roots
Why wouldn't you be collecting GMI on these HMDA reportable loans? You should be collecting this info per Reg B and Reg C.
_________________________
Somewhere, something incredible is waiting to be known. - Carl Sagan

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#278955 - 11/23/04 07:21 PM Re: HMDA rental house
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Quote:

When purchasing a rental house, all we collect is financial statements, tax returns, cash flows. We don' use an actual application. So I am guessing we use the not provided code. The not provided code says, information not provided by applicant in mail, internet, or telephone applications. What if we collect information face to face?



The "not provided" means you didn't see them in person or that you took a telephone application and asked them for the GMI, but they refused. You can't use this code just because you didn't request the GMI. If you see the applicants face to face or take a telephone application, you must request GMI. If it is a telephone application and they refuse, you're done. If it is in person and they refuse, you complete the GMI for them.
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David Dickinson
http://www.bankerscompliance.com

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#278956 - 11/23/04 10:47 PM Re: HMDA rental house
Nikita, CRCM Offline
100 Club
Nikita, CRCM
Joined: Jan 2001
Posts: 210
Richmond, VA, USA
Just a word of advise....Get thee some HMDA training, quick, fast, and in a hurry. PM me for a recommended source for training. Also, check BOL Tools page here. Do NOT wait any longer to get clear understanding of the reporting requirements of HMDA.

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