Currently our policy is when we have a face to face application and only the applicant is in front of the loan officer, he/she marks the face to face box and the 3 boxes,( ethnicity, rate and sex) for the person in front of him/her. It is then our policy to contact the other applicant by phone and ask the GMI questions of the person that was not in front of the loan officer. Next the loan officer is to complete the GMI for that applicant (indicating he/she does not wish to furnish the information OR completing the 3 boxes) but write on the signature line that the information was taken by phone. Is that correct? Or on these face to face applications should we be completing the GMI information for the applicant that is not in front of the loan officer based on observations such as their last name or ask the applicant that is in front of the loan officer?
I have read that if a loan is not HMDA reportable that you should not collect GMI. Is this the case. I know there is a difference between the Regs (B) and (C) and just want to be sure I am passing on accurate information.
We have a residential loan in which the daughter's income does not qualify for the mortgage. We approved the loan with her father's income. The daughter is the only borrower and her father is the guarantor only. According to HMDA, getting it right, we need to report the incomes used to qualify the loan. However, they state the guarantor's GMI is not recorded? How do we best handle this?
In compiling HMDA data, when can we use "information not supplied by applicant" and when are we required to "enter race or national origin and sex on the basis of visual observation or surname"?
I am doing a purchase money HELOC. Can I collect government monitoring info, since home equities are not HMDA reportable?
Should we put the HMDA worksheet in the loan file? Why don't we need to do a rate spread on commercial loans, but we still need to put the GMI in the file?
In reading a response by Dan Persfull dated 7/7/08 titled "GMI on Refinance" he states that the definition of a refinancing applies whether you are refinancing one of your loans or a loan from another financial institution. However, if I read the definition of refinancing under Reg B - Supplement I (Official Staff Interpretations)it states the following: Sec. 202.13 Information for Monitoring Purposes 6. Refinancings. A refinancing occurs when an existing obligation is satisfied and replaced by a new obligation undertaken by the same borrower. A creditor that receives an application to refinance an existing extension of credit made by that creditor for the purchase of the applicant's dwelling may request the monitoring information again but is not required to do so if it was obtained in the earlier transaction. So do we collect it if we are refinancing the original purchase money from another financial institution or only if we financed the original purchase money?
If part of the proceeds on a home equity loan are being used for home improvement, are we required to collect government monitoring information if we are not subject to HMDA reporting?
Do I have to collect GMI data on commercial loans that are secured by residential property and subject to HMDA when the borrower is a LLC or Limited Partnership?
Should we be collecting applicant information (race, ethnicity, sex) on non-reportable real estate loans? Some examples would be loans against a borrower's home for the purpose of financing college tuition, taking a vacation, purchasing stock, etc. I know we would not include this on our LARs or on the information we send to HUD. I am simply wondering about gathering it for the file. The reason I am wondering if should we have it collected is in case we ever go through a fair lending audit.