This question has come up before but I have not seen a clear answer. If the application is NOT taken face to face, how should the collection method
questions be answered for HMDA? Code 3 (NA) is only supposed to be for applications where the requirement to report the data does not apply to the
We would use code 3 on applications where it is an entity. Code 2 (not based on visual observation) would be the only choice that would make sense.
What are your thoughts?
I have a question related to HMDA 2018, specifically around GMI collection methods. We had some correspondent lenders start using the demographic information addendum in late 2017. What rules would apply to collection method of GMI since the application date was in 2017 but the Demo Info addendum was used?
If you are not HMDA reportable, do you have to collect GMI for a Home Equity Loan? Not a refinance of purchase money, strictly home equity to consolidate miscellaneous consumer debt and medical bills.
Do bankers collect government monitoring information on 2nd home HELOCs?
We have a mortgage loan application accepted in 2018 that has a completed 2017 GMI info section. We can we do to fix this?
We have a loan application that was taken face to face. The LO marked the GMI sex box as female when the borrower was male. Obvious mistake. The loan closed without being corrected. We have had contradicting information from auditors and regulators that say that we report exactly what was put on the application and that we should report the correct sex as we know it was an error.... which way do we go here?
Our loan software provider has recently deleted the Government Monitoring Form from the list of required documents on loans subject to HMDA. Is this completed form no longer required on HMDA loans?.
Is the date on the Information for Government Monitoring Purposes supposed to be the same date as the credit application?
Would a trust be considered a legal entity or natural person when it comes to Truth in Lending, RESPA, and HMDA disclosures?
I have a question regarding HMDA. I am doing a business loan to a dentist, Joe Dentist, DDS and the purpose is a refinance of existing debt secured with his principal residence. Do I collect GMI information and report his race, sex, ethnicity and income or treat as a business and report as 4,7,4 & N/A?