Government Monitoring Information

Answered by:

Question:

When is the government monitoring information not required?

Answer:

Two answers:

1. If you are a HMDA bank, then you cannot request/collect GMI on any loan not subject to HMDA (Reg C).

2. If you are not a HMDA bank, then you cannot request/collect GMI on any loan not for the purchase or refinance of the borrower's principal dwelling. See Section 202.13 of Reg B.

First published on BankersOnline.com 10/18/04