On September 20, 2017 the CFPB issued final amendments to Regulation B (12 CFR Pt. 1002) which, among other things, sets forth a “Data Collection Model Form” which can be used “for collecting information concerning an applicant’s ethnicity, race, and sex that complies with the requirements of [12 CFR] § 1002.13(a)(1)(i)(A) and (ii).” The CFPB also notes that “Appendix B to Regulation C, 12 CFR part 1003, provides a data collection model form for collecting information concerning an applicant’s ethnicity, race, and sex that complies with the requirements of § 1002.13(a)(1)(i)(B) and (ii)” (see “Final Rule” available at: https://www.consumerfinance.gov/policy-compliance/rulemaking/final-rules/amendments-equal-credit-opportunity-act-regulation-b-ethnicity-and-race-information-collection/), the latest version of such form being promulgated in the CFPB’s latest amendments to Regulation C (available under “Corrections and Other Changes” at: https://www.consumerfinance.gov/policy-compliance/rulemaking/final-rules/regulation-c-home-mortgage-disclosure-act/).
On September 26, 2017 FNMA and FHLMC published a joint announcement stating that they have updated their “Demographic Information Addendum” “based” upon the CFPB latest amendments to Regulation C (available directly at: https://www.fanniemae.com/content/guide_form/urla-demographic-addendum.pdf) and this latest version can be used immediately.
Of more interest is the fact the new version of form FNMA 1003/FHLMC 65 may begin to be used on July 1, 2019, with mandatory usage required for new applications in February, 2020. The FHFA is still considering changes to this form to include a language preference selection. Any decision made in this regard would be included in future updates to this form, which are expected to be published by the end of 2017 (a copy of this announcement can be viewed directly at: https://www.fanniemae.com/content/news/urla-announcement-september-2017.pdf).
We are currently reviewing these updates to determine any impact to our document library and/or systems and are evaluating any necessary changes. Any modifications we make will be announced on our website (http://blog.docutechcorp.com/category/document-updates).