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#166772 - 03/05/04 02:44 PM Reg B monitoring info
Anonymous
Unregistered

Reg B requires age & marital status on home purch or refi of occupied principal dwellings, secured by that dwelling. Therefore a HI loan would not require that we get age & marital status. Is it a violation if we get it on these types of loans?

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Lending Compliance
#166773 - 03/05/04 02:58 PM Re: Reg B monitoring info
Great River Offline
Member
Joined: Feb 2004
Posts: 64
Iowa
I would say no violation. Although marital status and age are part of the Reg B monitoring information, in many states you need to know marital status to determine spousal rights. Also, if you are writing CL/A&H you need the age of the borrower(s), since most policies I have seen will not cover someone who is 65 years old at application or will turn 65 during the term of the loan.

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#166774 - 03/05/04 03:02 PM Re: Reg B monitoring info
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,529
Bloomington, IN
If it is an unsecured individual credit request you should not be getting marital status.

If it is a secured credit request then you are allowed to ask about marital status.

We get "date of birth" on all our credit requests.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#166775 - 03/05/04 03:15 PM Re: Reg B monitoring info
ahou Offline
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ahou
Joined: Aug 2002
Posts: 3,094
In regard to marital status, you'd be ok in a community property state because you need the info to determine responsibility for debts. (all debts of the community are the responsibility of both husband & wife - no matter which one actually made the debt)
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#166776 - 03/05/04 03:17 PM Re: Reg B monitoring info
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,529
Bloomington, IN
Quote:

In regard to marital status, you'd be ok in a community property state




Yep. I never had to deal with a community property state, so 90% of the time I forget about them.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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