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Government monitoring information (GMI) typically refers to the demographic information that banks in the United States are required to collect due to mortgage regulations.
C. Monitoring Information Collection for Mortgage Loans: A financial institution must collect data about the ethnicity, race, sex, age and marital status of the. applicant (natural person). [
The creditor shall inform the applicant(s) that the information regarding ethnicity, race, sex, marital status, and age is being requested by the Federal Government for the purpose of monitoring compliance with Federal statutes that prohibit creditors from discriminating against applicants on those bases.
If the application remains incomplete after the oral notice, the creditor must either provide an AAN or a notice of incompleteness. Notices for incomplete applications must be provided within 30 days after receiving the application, unless notice is provided in ance with 1002.9((c).
Both Regulations B and C require creditors to collect customer-specific information such as ethnicity and sex of the applicant. However, Regulation C additionally requires creditors to collect more specific loan information, such as loan type, rate spread, purpose, property type, and other pertinent data.
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The creditor must note the monitoring information on the basis of visual observation or surname, if the applicant chooses not to provide the information.
A persons intent to be a joint applicant must be evidenced at the time of application.
Here are the five things you should never do when making your application: #1: Do not forget to check your credit score. #2: Do not lie about your income and expenses. #3: Do not forget to look for options. #4: Do not forget to read the terms and conditions. #5: Do not submit several loan applications at the same time.

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