When HMDA Applies is selected on Loan Definition, when will I receive a separate Demographic Information Addendum, and when will the expanded demographic information be collected within the credit application?
When using the Revised URLA, there will not be a separate document used to collect the Demographics since the Revised URLA contains a section dedicated to Demographics. If you would like to use the separate Demographic Information Addendum with the Universal Credit Application Real Estate, select Demographic Information Collected Separately found on the Document Data page under each of the Borrower and Cosigner sections.
You should keep the following points in mind:
- Classifying the parties appropriately as a Co-Applicant or not is your responsibility based on minimal regulatory guidance.
- You are encouraged to consult with your legal counsel and/or compliance consultants to determine whether and when to collect information on a Cosigner.