Monitoring Information When RE Is Added

Question:

We do a lot of ICS loans and consumer loans with real estate used as collateral on the loan. When the customer comes in they usually ask for a consumer application and bring it back, but in some cases the collateral is not sufficent and we need to use their real estate as collateral. How does that work with the Government monitoring information collection requirements? The loan is considered a consumer loan with real estate for collateral.

Answer:

This sounds like a home equity loan, not subject to the rules requiring collection of Government Monitoring Info.

First published on BankersOnline.com 2/23/04