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Rules for Collecting Monitoring C Info for HMDA

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Question: 
Are there any penalties imposed if an institution collects Monitor C information for HMDA on both the loan application and the Monitor C form?
Answer: 

Such a process, while not prohibited, could lead a bank to having conflicting information and result in problems and process criticisms. There is no reason to gather the HMDA government monitoring information twice and is certainly not recommended.

First published on BankersOnline.com 5/7/12

First published on 05/07/2012

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