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GMI Data on Commercial Loans

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Question: 
Do I have to collect GMI data on commercial loans that are secured by residential property and subject to HMDA when the borrower is a LLC or Limited Partnership?
Answer: 

Applicant Information— Ethnicity, Race, Sex, and Income.

Appendix B contains instructions for the collection of data on ethnicity, race and sex along with a sample form for data collection.

1. Applicability. Report this information for loans that you originate as well as for applications that do not result in an origination.

b. If the borrower or applicant is not a natural person (a corporation or partnership, for example), use the codes for “not applicable.”

First published on BankersOnline.com 2/02/09

First published on 02/02/2009

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