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Collecting GRMA for a Business Purpose Loan

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Question: 
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.
Answer: 

If the borrower is a business entity (corporation or LLC, for example), no monitoring information is collected regardless of loan purpose.

First published on BankersOnline.com 8/30/10

First published on 08/30/2010

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