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National Monitoring Information needs Under the HMDA additionally the ECOA

شنبه, می 30th, 2020 | Maxlend Customer Service | بدون نظر

National Monitoring Information needs Under the HMDA additionally the ECOA

By Aaron Thompson, Senior Examiner, Federal Reserve Bank of Richmond


National monitoring information (GMI) relates to the loan applicant data that are demographic must collect under Regulation B, which implements the Equal Credit chance Act (ECOA), and Regulation C, which implements the house Mortgage Disclosure Act (HMDA), whenever customers submit an application for certain home loans. The requirement that is regulatory loan providers to gather such information goes back to 1977 as soon as the Federal Reserve Board (Board) amended Regulation B to need creditors to get monitoring details about age, intercourse, marital status, and competition or nationwide beginning on home-purchase loans and refinancing deals. 1 The Board explained that these records would assist federal regulators detect home loan discrimination that is lending. Customer groups you could look here additionally thought that this information is valuable in detecting home loan discrimination that is lending. 2

Likewise, in 1989, the banking institutions Reform, healing and Enforcement Act amended the HMDA to need creditors to gather battle, intercourse, and earnings information from candidates for home loan loans to simply help 3 In 2002, the Board amended Regulation C to conform the number of competition and ethnicity information to modifications used by the workplace of Management and Budget. 4 Overall, the range for the HMDA information collection needs is wider as compared to ECOA’s requirement since the HMDA relates to all home mortgages, including home-improvement loans. › ادامه مطلب