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Latest Lending - Monitoring Information Topics

Collecting Govt Monitoring Info (Not HMDA Bank)

01/07/2013

Our Bank is not a HMDA reporting Bank. Do we have to collect Government Monitoring Information if we do a loan and file a mortgage on 40 acres that has a home located on the 40 acres?

HMDA App by Mail w/o Govt Monitoring Information

06/04/2012

For HMDA purposes, when an application is received by mail and the applicant selects that they do not wish to provide the government monitoring information but still answer the questions of ethnicity, sex and race should the bank complete HMDA as the information has not been provided or complete those questions with the race ethnicity and sex provided by the applicant? There are a few different opinions being given.

"I Do Not Wish to Provide"- Complete the GMI?

05/21/2012

Do we need to complete the government monitoring information on the mortgage application taken over the phone or submitted by mail when the borrower has selected "I do not wish to provide"? If yes, do we use surname to make the choice?

When to Collect Government Monitoring Information

01/30/2012

Regarding when to collect government monitoring information,if a loan officer did not disclose and collect gmi at the time of a loan application,is a bank allowed to gather gmi after closing.

Missing Government Monitoring Information

03/07/2011

My question pertains to government monitoring information collected on loan applications. If an application is received in the mail or dropped off at our bank and the government monitoring information section is only partially completed (the ethnicity or race box may not be marked), does responsibility fall on the representative handling the application to complete the sections not documented by the applicant?

Recording Government Monitoring Information

11/15/2010

I have a loan to four borrowers: a trust, one individual, second individual, second trust, listed in that order on the loan documents. How do I record the government monitoring information on these four borrowers?

Collecting GRMA for a Business Purpose Loan

08/30/2010

Do we need to collect (Georgia) GRMA if we are doing a business purpose loan? It is in a business name, but they are putting up their personal residence as collateral. I was thinking not, since a residential mortgage loan means a loan or agreement to extend credit made to a person.

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Loans Require Deposit Account

11/03/2024

To get an auto loan our credit union requires the person to be a member. This requires a deposit/share draft account. Is this an allowable requirement to qualify for a loan?

Rate sheet

11/03/2024

Are we required to use a rate sheet for commercial loans?

FCRA Signature Required?

10/27/2024

We are transitioning to a new loan software program and have noticed the Negative Information Disclosure document provided at closing is not providing a signature line for the borrower to sign. Our current loan software has the signature line that isn't removable so we have always assumed it was required. I cannot find any information in the regulation that a signature is required. 1) Is a signature required and 2) If it is not required to obtain signature, is it required that we retain a copy of it with the closing package to show examiners it was provided at closing? It just seems odd from what we have always seen and would like to know if we should request a signature line be added.

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