Mtg. App Accepted 2018 but 2017 GMI Info Section

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Question:

We have a mortgage loan application accepted in 2018 that has a completed 2017 GMI info section. We can we do to fix this?

Answer:

Because of the change from GMI to Demographic Information Collection (DI), there's going to be some of these. Basically, these applicants used the wrong form, so you simply need to update it. If you meet with the applicant(s) in person, provide them with a new Demographic Information Collection form. If you don't meet with them in person, complete the HMDA LAR by transferring their GMI to the appropriate DI responses.