The new HMDA data requirements, required under Dodd-Frank, include expanded demographic information collection which will be mandatory for loan applications taken on or after January 1, 2018.
With the implementation of the Demographic Information Addendum to the 1003 the demographic information reported by lenders and individual brokers will be available to the public to review on the Consumer Financial Protection Bureau’s (CFPB) website. Borrowers will no longer have to request this information.
The new Demographic Information Addendum provides expanded fields to allow the borrower to provide more detailed information regarding their ethnicity and race should they choose to do so and replaces “Section X Information for Government Monitoring Purposes
