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"I Do Not Wish to Provide"- Complete the GMI?

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Question: 
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?
Answer: 

The bank is required to complete the government monitoring information based upon visual observation when an application is taken in person. When an application is taken via phone, internet, mail or other non face to face method, the bank must report what the customer chose if they do not meet with the applicants before closing, when visual observation may be made.

First published on BankersOnline.com 5/21/12

First published on 05/21/2012

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