HMDA Demographic Information

If you are an HMDA reporting bank, you know all too well that collecting Demographic Information (race, sex, ethnicity) can sometimes be a lot more difficult than meets the eye. There are a lot of dos and don’ts and each application or applicant can present its own set of challenges. For instance, when an application is taken by mail, online, etc. and the applicant does not mark the “I do not wish to provide” box but also leaves their demographic information blank, what do you do?

David explains more in the video.

Video Highlights:

• If the information is left blank, you want the applicant to “shut the door”.
• If an applicant is seen in person during the application process, they must be asked for the information again.
• Collecting the information at closing is not recommended as it skews results in a negative way when looking at closed loans vs. non-closed loans.

Published
2023/03/01