What are some best practices for collateral monitoring?
Why do loan administrators forget to clear exceptions?
Our Bank is not a HMDA reporting Bank. Do we have to collect Government Monitoring Information if we do a loan and file a mortgage on 40 acres that has a home located on the 40 acres?
For HMDA purposes, when an application is received by mail and the applicant selects that they do not wish to provide the government monitoring information but still answer the questions of ethnicity, sex and race should the bank complete HMDA as the information has not been provided or complete those questions with the race ethnicity and sex provided by the applicant? There are a few different opinions being given.
Do we need to complete the government monitoring information on the mortgage application taken over the phone or submitted by mail when the borrower has selected "I do not wish to provide"? If yes, do we use surname to make the choice?
Regarding when to collect government monitoring information,if a loan officer did not disclose and collect gmi at the time of a loan application,is a bank allowed to gather gmi after closing.
My question pertains to government monitoring information collected on loan applications. If an application is received in the mail or dropped off at our bank and the government monitoring information section is only partially completed (the ethnicity or race box may not be marked), does responsibility fall on the representative handling the application to complete the sections not documented by the applicant?
We are an FDIC regulated bank. When do we not collect the government monitoring information on a real estate loan application?
I have a loan to four borrowers: a trust, one individual, second individual, second trust, listed in that order on the loan documents. How do I record the government monitoring information on these four borrowers?
Do we need to collect (Georgia) GRMA if we are doing a business purpose loan? It is in a business name, but they are putting up their personal residence as collateral. I was thinking not, since a residential mortgage loan means a loan or agreement to extend credit made to a person.