Not Collecting Government Monitoring Information

Let me phrase this a different way:
You only collect GMI when:

1. A loan is subject to HMDA (if your bank is a HMDA reporter), and/or
2. When the loan is to purchase or refinance a borrower's principle dwelling and the loan is secured by the dwelling. You can refer to Regulation B Section 1002.13(a) for more information.

You would not collect GMI unless the loan is subject to one or the other of these requirements.

First published on BankersOnline.com 4/30/12