The CFPB announced that the expanded Home Mortgage Disclosure Act information concerning ethnicity and race of applicants can be collected starting January 1, 2017 without violating Regulation B, even though the data is not required until January 1, 2018 (81 FR 66930).
A copy of the Fannie Mae/Freddie Mac URLA “Demographic Information Addendum” has been created in ConformX to allow clients to collect this information from the borrower in preparation to meet the January 2018 mandate date. 1003 Demographic Information Addendum (Cx20787) prints one copy per borrower, and is currently available for testing in the ConformX Stage environments. The document will print for loans tested on Stage when new field “Print 1003 Demographic Information Addendum” (field 108997) is set to “Yes”.
In addition, per the URLA Implementation Guidance and Update Letter provided by Fannie Mae and Freddie Mac, Section X “Information for Government Monitoring Purposes” will be deleted from the 1003 Uniform Residential Loan Application (Cx4193) in ConformX when the 1003 Demographic Information Addendum is triggered to print. This new Cx4193 functionality is also currently available for testing in ConformX Stage environments.
Partner LOS’s have been contacted with a list of new fields needed to populate the Demographic Information Addendum inside ConformX. The new Demographic Information Addendum and the related change to the URLA will be available for use on live loans in ConformX as of January 1, 2017.
If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.