08/03/2009
1)Will it be correct to collect information for government monitoring purpose on a business entity with a human co-applicant for a HMDA reportable loan?2)If loan is made to business entity but secured by apartment building, is it HMDA reportable?
07/20/2009
We have a father co-signing with his son on a loan. Are both applicant and co-signer HMDA reportable/Government Monitoring? This is a refinance of the father's home being used for collateral.
07/20/2009
A customer recently purchased a second home, with the intention of it becoming their primary residence after renovating. We did not finance the purchase money, but made the improvement loan. Upon the sale of their current primary residence, they will pay off the improvement loan. The term is one year. The loan officer treated the loan as investment property, stating "not homestead...not subject to RESPA." I find only one sentence in Sec. 3500.5 that would exempt this transaction from RESPA regarding "Any construction loan for new or rehabilitated 1- to 4-family residential property...is subject to this part if its term is for two years or more." Everything else I read indicates that this transaction is subject to RESPA. We are not a HMDA reportable bank, but it also looks like obtaining GMI applies. Can you please advise on both issues?
07/06/2009
Is there ever a circumstance in which government monitoring information would be collected for a home equity line of credit?
06/22/2009
Currently we have a customer applying for a six month loan, putting up their primary residence as collateral to purchase a primary residence. Current collateral customer's current primary residence is up for sale. In this instance would GMI be collected?
06/15/2009
Government Monitoring: I read in the commentary that a joint applicant may enter the government monitoring information on behalf of an absent joint applicant. Is it required to document that GMI was not collected in person by the absent applicant?
09/29/2008
I want to verify a procedure on collection of government monitoring information on residential real estate applications. If an application is a telephone application at what point are you required to have the government monitoring data collected either through the customer completing or through visual observation? We have an associate questioning whether the data has to be collected at all on a telephone application. We have been collecting it on the final application signed at closing on telephone applications. What is correct?
07/14/2008
Should we be collecting applicant information (race, ethnicity, sex) on non-reportable real estate loans? Some examples would be loans against a borrower's home for the purpose of financing college tuition, taking a vacation, purchasing stock, etc. I know we would not include this on our LARs or on the information we send to HUD. I am simply wondering about gathering it for the file. The reason I am wondering if should we have it collected is in case we ever go through a fair lending audit.
07/14/2008
I have read the following statement under Reg B staff interpretations of 202.13 (#5) "an application for open-end home equity line of credit is not subject to this section unless it is readily apparent to the creditor when the application is taken that the primary purpose of the line is for the purchase or refinancing of a principal dwelling". To me that means that if an applicant applies for a HELOC with the intention of purchasing or refinancing their home that we (the lender) should gather government monitoring information. Am I understanding correctly? If I am, what is the creditor supposed to be doing with the GMI? For HMDA we report the GMI on the HMDA LAR, but there is not a Reg B LAR to my knowledge.
07/07/2008
I understand that you only collect government monitoring on the purchase or refinance of the borrower's principal dwelling. However, I am unclear on whether the refinance means with our bank or another institution. Does government monitoring apply to refinancing the principal dwelling if the loan is with our bank?