Posted By: fnblikdd
GMI COLLECTED ON NON HMDA REPORTABLE LOAN - 06/30/15 07:55 PM
: Confused in NY:
Scenario - application is received for what would typically be a HMDA reportable loan (Refi of a dwelling to be the primary residence of 1 family). GMI is collected. Later down the road in the process, it is determined that this will be a Consolidation / Modification of the existing loan. CEMAs (otherwise known as MECAs) are not HMDA reportable (unless for the purpose of purchase or Home Improvement). Now I have an application for a loan that is not HMDA reportable but we have collected the GMI. Should a notation be made on the application that the GMI was collected in error?
Scenario - application is received for what would typically be a HMDA reportable loan (Refi of a dwelling to be the primary residence of 1 family). GMI is collected. Later down the road in the process, it is determined that this will be a Consolidation / Modification of the existing loan. CEMAs (otherwise known as MECAs) are not HMDA reportable (unless for the purpose of purchase or Home Improvement). Now I have an application for a loan that is not HMDA reportable but we have collected the GMI. Should a notation be made on the application that the GMI was collected in error?