Skip to content
BOL Conferences
Thread Options
#1770903 - 12/27/12 09:40 PM GMI
rachelchri Offline
100 Club
Joined: Aug 2010
Posts: 165
We have customer that is refinaning his home with us and wants additional money to payoff a 2nd mortgage with another lender. We do not have to collect GMI in this instance, correct?

We are Non-HMDA bank.

Thanks!!!!

Return to Top
Lending Compliance
#1770931 - 12/28/12 01:09 PM Re: GMI rachelchri
Jerod Moyer Offline
Platinum Poster
Jerod Moyer
Joined: Oct 2005
Posts: 667
Sioux Falls, SD
You are required to collect GMI information if the primary loan purpose is to purchase or refinance a principal residence. See 1002.13(a)(1):
_________________________
Jerod Moyer
www.bankerscompliance.com

Return to Top

Moderator:  Andy_Z