Policy Announcement: Notification for HMDA 2018

November 3, 2017rashtonBulletins

Effective January 1, 2018, the Home Mortgage Disclosure Act (HMDA) requirements for collecting information regarding the ethnicity and race of applicants will be expanded.  To collect the applicant information, a new loan document, the Demographic Information (DI) Addendum to the 1003 has been created and will be a required document beginning January 1, 2018.

Lenders may begin collecting the information without violating HMDA, prior to the January 2018 effective date. The Carrington Mortgage Services, LLC (CMS) wholesale website, BrokerIQ, is set up to accept 2018 DI information at this time.

If the Broker provides the updated 1003 with DI Addendum, CMS is not updating the Lender 1003 to match.

Effective January 1, 2018, all Lender Disclosed packages and Broker Disclosed Accepted Submissions must have the updated 1003 with DI Addendum. If Brokers submit with a prior version, Loan Setup will accept the submission but require a corrected signed Initial 1003, prior to Approval.

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