HMDA Demographic Information: What’s the Purpose?

If you’re new to HMDA, you’ve probably been told you need to collect an applicant’s ethnicity, race, and sex (demographic information) on applications for certain types of loans and/or lines of credit. While that doesn’t sound all that difficult, seasoned lenders can probably attest to the fact that it really is a lot more complicated than you might think. There are a lot of ifs, and buts to consider. What you might be wondering though is why you even need to collect demographic information in the first place?

David explains more in the video.

 

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  • In-Person / Not In Person
  • How to Collect
  • Main Categories, Subcategories & “Other” Subcategories
  • No Co-Applicant, Multiple or Absent Co-Applicants
  • The Filing Instructions Guide’s (FIG) Rules
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David Dickinson

David Dickinson

David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.

He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.

David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.

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