Government Monitoring Information criteria Under the HMDA while the ECOA

Government Monitoring Information criteria Under the HMDA while the ECOA

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

Introduction

National monitoring information (GMI) is the mortgage applicant demographic data creditors 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 consumers submit an application for specific home loans. The requirement that is regulatory loan providers to get such information goes back to 1977 once the Federal Reserve Board (Board) amended Regulation B to need creditors to gather 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 details would assist federal regulators detect home loan discrimination that is lending. Customer groups additionally thought that this information is valuable in detecting home loan discrimination that is lending. 2

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