Compliance – HMDA: We don’t presently collect GMI (Government Monitoring Information) for HELOC or Closed End Equity Loan applications. Will this change January 1, 2018?
Answer: With the new HMDA rules that go into effect January 1, 2018, HELOCs and Closed End Equity Loans will move from being optional when reporting data, to being required when reporting HMDA. This means you will need to gather all of the GMI information on these types of loans as well. Reference: Here is […]