Which fields are considered gmi fields

Because the regulations define some terms differently, both rules may not apply to the same transaction. For Regulation B, a purchase is defined as the purchase of a principal residence using an extension of credit secured by the residence. For example, a loan to refinance an existing loan for a vacation property satisfying and replacing the loan would not be subject to Regulation B GMI, but would be subject to Regulation C GMI requirements.

The regulations also define dwellings differently. Under Regulation B, a dwelling is limited to residential structures with one to four units. An application for a home equity line of credit is not subject to GMI requirements unless it is readily apparent when the application is taken that the primary purpose of the line is for the purchase or refinancing of a principal dwelling.

Purchase and refinance loans secured by a dwelling and home-improvement loans; reporting is optional for HELOCs. Dwelling means a residential structure that contains one to four units, whether or not that structure is attached to real property.

The term includes, but is not limited to, an individual condominium or cooperative unit and a mobile or other manufactured home. A residential structure whether or not attached to real property ; the term includes an individual condominium unit, cooperative unit, or mobile or manufactured home.

A loan secured by a lien on a dwelling that is for the purpose whole or part of repairing, rehabilitating, remodeling, or improving a dwelling or the real property on which it is located, or. A nondwelling-secured loan that is: for the purpose whole or part of repairing, rehabilitating, remodeling, or improving a dwelling or the real property on which it is located, and classified by the financial institution as a home-improvement loan.

An existing obligation is satisfied and replaced by a new obligation undertaken by the same borrower. A new obligation that satisfies and replaces an existing obligation by the same borrower, in which for coverage purposes: the existing obligation is a home-purchase loan as determined by the lender, for example, by reference to available documents; or as stated by the applicant , and both the existing obligation and the new obligation are secured by first liens on dwellings. For reporting purposes, both the existing obligation and the new obligation are secured by liens on dwellings.

In considering a recent five-year examination period covering 1, examinations conducted by the Federal Reserve System, Articles Volume 10, issue 3 Atmos. This work is distributed under the Creative Commons Attribution 3. Show author details. Dayton St. Notice on corrigendum The requested paper has a corresponding corrigendum published. Article KB. How to cite.

See the sample data collection form below for model language. You must ask the applicant for this information but you cannot require the applicant to provide it whether the application is taken in person, by mail or telephone, or on the internet.

For applications taken by telephone, you must state the information in the collection form orally, except for that information which pertains uniquely to applications taken in writing, for example, the italicized language in the sample data collection form. Inform the applicant that Federal law requires this information to be collected in order to protect consumers and to monitor compliance with Federal statutes that prohibit discrimination against applicants on these bases.

Inform the applicant that if the information is not provided where the application is taken in person, you are required to note the information on the basis of visual observation or surname. If you accept an application through electronic media with a video component, you must treat the application as taken in person. If you accept an application through electronic media without a video component for example, facsimile , you must treat the application as accepted by mail.

If there are no co-applicants, you must report that there is no co-applicant. If there is more than one co-applicant, you must provide the ethnicity, race, and sex only for the first co-applicant listed on the collection form. A co-applicant may provide an absent co-applicant's ethnicity, race, and sex on behalf of the absent co-applicant.

When you purchase a covered loan and you choose not to report the applicant's or co-applicant's ethnicity, race, and sex, you must report that the requirement is not applicable. You must report that the requirement to report the applicant's or co-applicant's ethnicity, race, and sex is not applicable when the applicant or co-applicant is not a natural person for example, a corporation, partnership, or trust.

For example, for a transaction involving a trust, you must report that the requirement to report the applicant's ethnicity, race, and sex is not applicable if the trust is the applicant. On the other hand, if the applicant is a natural person, and is the beneficiary of a trust, you must report the applicant's ethnicity, race, and sex. You must report the ethnicity, race, and sex of an applicant as provided by the applicant.

An applicant may select an ethnicity or race subcategory even if the applicant does not select an aggregate ethnicity or aggregate race category. You must offer the applicant the option of selecting more than one ethnicity or race.

If an applicant selects more than one ethnicity or race, you must report each selected designation, subject to the limits described below.