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Reply To: Purpose change form Purchase to Home Equity

Home Forums Compliance Masters Group (Members Only) Purpose change form Purchase to Home Equity Reply To: Purpose change form Purchase to Home Equity

#12063

kowsley
Keymaster

The monitoring information should be collected as part of the application process so if the application continues to be utilized even though the purpose has changed, I would not remove the monitoring information. I would document on the application or in the loan file the original purpose for the app. and why the monitoring information was collected. As long as the monitoring information is not utilized in a discriminatory manner and the file is well documented there should be no issues.