Posted By: Trees
Reg B/ GMI on app issue - 07/19/12 02:01 PM
Online app customers complete applications and often incoude the GMI even though the loans may not need to be reported. Reg B commentary 1002.13(b)(6)appears to accept this potential issue and therefore we feel it is OK to leave the apps alone. Apps are coded that they were online versus face to face apps, where we would be expected to guide the customer accordingly.
In the past we would wite-out the GMI for loans that are not reportable, as a secondary precaution. never been an issue with examiners and wasn't last time.
I want to discontinue the wite out process and leverage off the commentary and out app coding to support us during an examination.
However,I would like to know how you are handling similar instances where a customer provided the GMI, online, but didn't need to.
Thanks.
In the past we would wite-out the GMI for loans that are not reportable, as a secondary precaution. never been an issue with examiners and wasn't last time.
I want to discontinue the wite out process and leverage off the commentary and out app coding to support us during an examination.
However,I would like to know how you are handling similar instances where a customer provided the GMI, online, but didn't need to.
Thanks.