GMI on Refinance

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Question:

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?

Answer:

The definition of a refinancing applies whether you are refinancing one of your loans or a loan from another financial institution.

First published on BankersOnline.com 7/07/08