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Purchase Money HELOC - Collecting GMI

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Question: 
I am doing a purchase money HELOC. Can I collect government monitoring info, since home equities are not HMDA reportable?
Answer: 

You must still obtain the monitoring information to comply with Reg B; this data is merely retained in the bank's records if the bank is not reporting home equity lines of credit which are optional for HMDA.

First published on BankersOnline.com 5/17/10

First published on 05/17/2010

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