Purchase Money HELOC - Collecting GMI

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Question:

I am doing a purchase money HELOC. Can I collect government monitoring info, since home equities are not HMDA reportable?

Answer:

You must still obtain the monitoring information to comply with Reg B; this data is merely retained in the bank's records if the bank is not reporting home equity lines of credit which are optional for HMDA.

First published on BankersOnline.com 5/17/10