Answer:
Monitoring information should be requested on loans that are covered by Reg B's Section 202.13. That section encompasses an application for credit primarily for the purchase or refinancing of a dwelling occupied or to be occupied by the applicant as a principal residence, where the extension of credit will be secured by the dwelling. (For national banks, the authority is 12 CFR 27, and the monitoring info should be requested on a loan for the purchase, permanent financing for construction, or the refinancing of resident RE which the applicant intends to occupy as a principal residence.
If the institution is subject to HMDA, the monitoring information must be collected on home purchase, refinance, and home improvement loans.
First published on BankersOnline.com 2/11/02
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