Understanding the Demographics Questions (HMDA)

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The government monitoring information has been enhanced to include recent changes made by the CFPB (Consumer Financial Protection Bureau). The new legislation requires additional subcategory values and free form field options to be available for race and ethnicity and allows multiple choices for sex when collecting Demographic Information. Both the Consumer Site and Loan Center have been enhanced to include all of the HMDA (Home Mortgage Disclosure Act) changes for 2018.

Consumer Site

It is important to note that the Demographics Disclaimer Verbiage is a configurable item within WordPress Admin. WP Administrators are able to configure the Demographics Disclaimer Verbiage within Setting >> CV iMP CS >> Content >> Demographics Disclaimer Verbiage.

Once the administrator configures this verbiage it will be displayed within the Consumer Site.

Race

Borrowers may be more specific when choosing their race(s).

If American Indian or Native American is one of the options selected the borrower may choose to enter Principal or Enrolled Tribe.

  • If Asian is one of the options selected the borrower may choose to check one or all of the following:
    • Asian Indian
    • Chinese
    • Filipino
    • Japanese
    • Korean
    • Vietnamese
    • Other Asian
      • If Other is selected a free form field will display
    • Black or African American
    • If Native Hawaiian or Other Pacific Islander is one of the options selected the borrower may choose to check one or all of the following:
      • Native Hawaiian
      • Guamanian or Chamorro
      • Samoan
      • Other Pacific Islander
        • If Other is selected a free form field will display
      • White

Ethnicity

Borrowers may be more specific when choosing their ethnicity.

  • If Hispanic or Latino is one of the options selected the borrower may choose to check one or all of the following:
    • Mexican
    • Puerto Rican
    • Cuban
    • Other Hispanic or Latino
      • If Other is selected a free form field will display
    • Not Hispanic or Latino

 

 

Sex

Borrowers now have the ability to check both Male and Female options at the same time.  

Loan Center

Loan Center users will now notice another tab within the application. The addition of the Demographics tab allows the Loan Officer to easily navigate to the HMDA questions and answers. The LO is provided a script to read to the borrower; it is important to note that this script is currently not editable by Administrator configurations.

The race and ethnicity categories, subcategories, free form fields and sex choices remain identical to those found within the consumer site.

The demographic information method has changed in a face-to-face interview, the Loan Center user must answer the new questions “Collected by visual observation or surname?” Yes or No.

  • If “Yes” the HMDA category choices will be displayed and “I do not wish to provide this information” will be checked and disabled and at least one more choice must be selected.
  • If “No” the HMDA categories, subcategories, and free form fields will be available and “I do not wish to provide this information” will be disabled. At least one choice must be selected in the race, ethnicity, and sex category when the answer to the question is “No”.

 

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