Compliance Alliance Q&A 11-14-17


If we are not a HMDA reporting bank, do we still need to collect Government Monitoring Information (GMI) on mortgage loans?


Yes, but only for a home purchase or refinance of a home purchase loan secured by a dwelling, that is or will be used by the borrow as a principal dwelling.

Regulation B – 12 CFR 1002.13(a) requirements stated below:

(a)    Information to be requested. (1) A creditor that receives an application for credit primarily for the purchase or refinancing of a dwelling occupied or to be occupied by the applicant as a principal residence, where the extension of credit will be secured by the dwelling, shall request as part of the application the following information regarding the applicant(s):

  • Ethnicity, using the categories Hispanic or Latino, and not Hispanic or Latino; and race, using the categories American Indian or Alaska Native, Asian, Black or African American, Native Hawaiian or Other Pacific Islander, and White;
  • Sex;
  • Marital status, using the categories married, unmarried, and separated; and
  • Age.

WVBA and Compliance Alliance - Helping you reach compliance success.

Contact Diane Harman for more information. 

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