Question and Answer

We are originating a bridge loan to refinance existing obligations and provide funds for the down payment and closing costs associated with a purchase money mortgage for a new primary residence. The loan is secured by the borrower’s current primary residence and will be paid off upon the sale of that property. As such, it is exempt from HMDA reporting requirements. We would like clarification on whether we are still required to collect Government Monitoring Information (GMI) under Regulation B. Does Regulation B also consider this type of loan to be temporary financing and therefore not subject to §1002.13?

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