Monitoring Info on phone applications - Not HMDA

Posted By: OnTheEdge

Monitoring Info on phone applications - Not HMDA - 02/09/07 02:53 PM

I've moved form HMDA reporting bank to one that is not. I have forgotten, do we need to request monitoring info on phone applications?
Posted By: Jerod Moyer

Re: Monitoring Info on phone applications - Not HMDA - 02/09/07 03:00 PM

Monitoring information is required to be collected at the time of applicaiton; therefore, if you take an application over the telephone you must request the information over the phone.
Posted By: Dan Persfull

Re: Monitoring Info on phone applications - Not HMDA - 02/09/07 03:44 PM

If you are not subject to HMDA reporting then you must collect monitoring information under the provision of Reg. B's 202.13. You are to collect monitoring information if the loan is for the purchase of the applicant's primary residence, or the refinancing of the purchase of the applicant's primary residence and the loan will be secured by that residence. Otherwise you would not collect monitoring information, such as a loan for consolidation purposes.