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National Monitoring Information needs Under the HMDA and also the ECOA

Posted by Rwaq on 13/03/2020
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National Monitoring Information needs Under the HMDA and also the ECOA

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

Introduction

National monitoring information (GMI) is the mortgage applicant data that are demographic must gather 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 particular home mortgages. The regulatory requirement of loan providers to get such information goes back to 1977 once the Federal Reserve Board (Board) amended Regulation B to need creditors to get monitoring information 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 lending discrimination. Customer groups additionally thought that this information could be valuable in detecting mortgage lending discrimination. 2

Likewise, in 1989, the finance institutions Reform, Recovery and Enforcement Act amended the HMDA to need creditors to get competition, intercourse, and earnings information from candidates for home loan loans to greatly help 3 In 2002, the Board amended Regulation C to conform the number of battle and ethnicity information to modifications used because of the workplace of Management and Budget. 4 Overall, the range of this HMDA information collection demands is wider as compared to ECOA’s requirement since the HMDA relates to all home loans, including home-improvement loans. Continue Reading

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