Compliance Alliance Q&A 7-23-18


If we are not a HMDA bank, do we still need to collect Government Monitoring Information 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 provides the following:

(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):  12 CFR 1002.13(a):

WVBankers and Compliance Alliance - Helping you reach compliance success.

Contact Diane Harman for more information. 

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 Live Demo on July 24th @ 10:00 am CT

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