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Collecting GMI From Non-Occupant Co-Applicant

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Question: 
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?
Answer: 

You collect the GMI for all applicants. If more than two then you only report two, but you must have the GMI for all.

First published on BankersOnline.com 12/05/05

First published on 12/05/2005

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