We receive most of our business from brokers, and most applications are received mainly via fax and internet. I came across some partial GMI information where the customer left some boxes blank, but they did check the sex box. In other instances, the customer checked off the I Do Not Wish to Furnish, and proceeded to check off the sex box, or other boxes, but not all of them. Keep in mind that we have little, and in most cases, no contact with the customer since they are all referred by our brokers. Should we report these as information not provided all across the board, or should we put not provided for the information not provided, and fill in the information that the customer did in fact, check off?
Does GMI need to be collected in a consumer real estate transaction when the borrower is a trust?
My question is regarding applications for construction loans. If the customer comes in and picks up a mortgage application, then brings it back to the bank and it happens to be a construction loan, but the customer has now filled in the government information, can we be in violation because the information was collected when it was not required? Even though the customer voluntarily provided the information? I have heard from others that having the information when not required is worse than not getting it at all. We use "Mortgage Applcation Brochures" which we have in our lobbies that our customers can pick up and take home with them to complete. It gives them the instructions, an application, required items checklist, servicing disclosure, and a general release. But what we are finding is they are taking it home and completing it and we don't know that they are applying for a construction loan. What was suggested was to make up a "Construction Application Brochure" with the government section crossed out. What is the penalty of the customer filling out the information voluntarily? And also what is the best solution to our "application brochures"?
If an application for the purchase of a primary residence has a joint applicant that is a non-occupant, is the bank required to collect the government monitoring data from the non-occupying borrower or just the occupying borrower?
How do you report a HMDA loan with four borrowers when the LAR only has space for applicant and co-applicant?
When the borrower signs the 1003 for government monitoring purposes and checks the box for "I do not wish to furnish this information," but also checks the boxes for ethnicity and race, how does this get reported?
Can you collect the government monitoring information on a construction loan application? Our construction department uses the regular 1003 form, but I thought you could not collect this information for construction loans.
When is the government monitoring information not required?
Do we collect government monitoring information on a home equity loan, regardless of lien position?
I'm working on a loan for a customer which has the customer's residence and 232 acres as collateral. This is for a business purpose. Do I have to have a residential loan application and a notice of right to receive a copy of an appraisal? Also, do I need the right to rescission, since the loan's purpose is for business?