What is Government Monitoring Information?
Government monitoring information (GMI) typically refers to the demographic information that banks in the United States are required to collect due to mortgage regulations.
Home Mortgage Disclosure Act Requirements
Banks compile government monitoring information in accordance with Home Mortgage Disclosure Act (HMDA) mandates. Demographics compiled may include the applicant’s:
For more information about how to comply with HMDA reporting requirements, visit the Consumer Financial Protection Bureau’s website. There you’ll find a variety of helpful resources, including a home mortgage reporting requirements guide.
Banks submit to their governing bodies an annual HMDA loan application register (LAR) containing pertinent government monitoring information. The nationwide statistics are then compiled to create an overall view of the American mortgage market and identify possible cases of either redlining or other discriminatory lending practices.
Reporting requirements may vary by loan type. Consult your compliance department to determine the necessary data. The FFIEC also offers several HMDA-related tools to support financial institutions, which can be found at: https://ffiec.cfpb.gov/tools/.
Looking for more information on the topic of banking compliance? Be sure to check out our extensive resource library with free spreadsheets, whitepapers, and ebooks. You can also visit our bank compliance resource center for quick links to regulatory websites and tools.
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