{"id":2482,"date":"2021-04-16T13:52:31","date_gmt":"2021-04-16T13:52:31","guid":{"rendered":"https:\/\/albanknews.com\/?p=2482"},"modified":"2021-04-16T13:52:31","modified_gmt":"2021-04-16T13:52:31","slug":"compliance-qa-home-equity-lines-and-hmda","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=2482","title":{"rendered":"Compliance Q&#038;A: Home Equity Lines and HMDA"},"content":{"rendered":"<p><strong>Q:<\/strong> <strong>State Bank has a customer who is getting a home equity loan for home improvement and debt consolidation for credit cards. Is the bank required to gather GMI\/Demographic Information and is this HMDA reportable?<\/strong><\/p>\n<p><strong>A:<\/strong> It would be HMDA reportable if the purpose of the loan is for improvement of a dwelling and is also secured by a dwelling. So, assuming that is the case, and it is reportable, then yes, GMI\/demographic information would be collected and reported as applicable.<\/p>\n<p>Reference: <a href=\"https:\/\/www.consumerfinance.gov\/policy-compliance\/rulemaking\/regulations\/1003\/2\/#i\">https:\/\/www.consumerfinance.gov\/policy-compliance\/rulemaking\/regulations\/1003\/2\/#i<\/a><\/p>\n<p>Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call <strong>(888) 353-3933<\/strong> or email <a href=\"mailto:info@compliancealliance.com\"><strong>info@compliancealliance.com<\/strong><\/a> and ask for our Membership Team. For timely compliance updates and resources, <a href=\"http:\/\/eepurl.com\/bjXIVv\"><strong>subscribe to <\/strong><strong>Bankers<\/strong><strong>Alliance\u2019s email newsletters<\/strong><\/a>.<\/p>\n<p>Not a member? Learn more about membership with Compliance Alliance by attending one of our live demos:<\/p>\n<ul>\n<li><a href=\"https:\/\/compliancealliance.com\/news-events\/event\/live-membership-demo-04-20-2021\"><strong>Live Demo on Tuesday,\u00a0 April 20<sup>th<\/sup>, \u00a0@ 10:00 am CT<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/compliancealliance.com\/news-events\/event\/live-membership-demo-04-22-2021\"><strong>Live Demo on Thursday,\u00a0April 22<sup>nd<\/sup>, \u00a0@ 1:00 pm CT<\/strong><\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Q: State Bank has a customer who is getting a home equity loan for home improvement and debt consolidation for credit cards. Is the bank required to gather GMI\/Demographic Information and is this HMDA reportable? A: It would be HMDA reportable if the purpose of the loan is for improvement of a dwelling and is also secured by a dwelling. So, assuming that is the case, and it is reportable, then yes, GMI\/demographic information would be collected and reported as applicable. Reference: https:\/\/www.consumerfinance.gov\/policy-compliance\/rulemaking\/regulations\/1003\/2\/#i Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1070,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19,33,23],"tags":[],"class_list":["post-2482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","category-compliance-qa","category-publications","has_thumb"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/albanknews.com\/wp-content\/uploads\/2017\/11\/compliance-alliance.png?fit=800%2C800&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p4Y3P2-E2","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2482"}],"version-history":[{"count":1,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2482\/revisions"}],"predecessor-version":[{"id":2484,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2482\/revisions\/2484"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/media\/1070"}],"wp:attachment":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}