Where is Government Monitoring information entered?
The ability to enter demographic information (also known as Government Monitoring Information) for individual borrowers and cosigners has been added to the Parties page.
When a Borrower or Cosigner is added to the transaction for the first time, the Demographics page will be displayed prior to being returned to the Party Page. If you need to subsequently add or change demographic information for an individual borrower or cosigner, the Demographic link within the party row can be selected to get back into the Demographics page.
Previously, demographic/government monitoring information was available on the Document Data page.
The information that is available for entry has been changed to allow for the collection of the expanded Home Mortgage Disclosure Act (HMDA) demographic information.
You will need to select the “HMDA Applies” check box on the Loan Definition page in order select the Demographic Information Addendum document, which includes the expanded HMDA demographic information.
Demographic Information Addendum
The Demographic Information Addendum has been added to provide you the ability to collect expanded Home Mortgage Disclosure Act (HMDA) demographic information in conjunction with the multistate, CA, DC, or OH versions of the Fannie Mae 1003 Freddie Mac 65 Uniform Residential Loan Application (URLA) or Universal Credit Application (UCA‐RE or UCA‐RE‐WOGM). You may begin using the interim URLA and this addendum at any time on or after January 1, 2017. However, for applications/originations subject to HMDA reporting, you are required to collect the borrower demographic information on loan applications taken on or after January 1, 2018.
There are also special transition rules within the final rule that need to be accounted for. Additional information relating to HMDA can be found at:
http://www.wolterskluwerfs.com/regulatory‐analytics/HMDAFAQs.aspx
When Include the Demographic Information Addendum is checked on the Document Data page and the:
- URLA is selected, Section X, Information for Government Monitoring Purposes is removed.
- UCA‐RE is selected, you must inform the applicant to cross‐out Section 13. Government Monitoring or Demographic Information.
- UCA‐RE‐WOGM is selected, the ‘Not applicable’ check box is checked in Section 13. Government Monitoring or Demographic Information. The ability to check ‘HMDA Demographic Information’ and ‘ECOA Government Monitoring’ check boxes will be included in a future release. Until then, you can strike the ‘Not applicable’ text and manually check the appropriate check box and have the applicant initial the change.