Collecting Government Monitoring Information (GMI) Under Regulation B

On July 1, 2020, the HMDA threshold for closed-end loans will increase from the 25 to 100. This means if you originated less than 100 closed-end loans in either of the prior two years (2019 or 2018), you will no longer need to report closed-end loans for HMDA. This doesn’t mean; however, that you can just stop doing what you’re doing.

The July 1, 2020, changes to the HMDA closed-end coverage is good news for some institutions. It means you will no longer be subject to HMDA data collection and reporting for closed-end loans. Even if you are no longer subject to HMDA reporting; however, you ARE still subject to Regulation B. This means you will no longer collect race, sex and ethnicity information on all dwelling-secured applications for loans (and/or lines) for home purchase, home improvement, refinance or consumer home equity but you WILL need to collect it on credit applications primarily for the purchase or refinancing of an applicant’s primary residence and secured by that 1-4 family dwelling. Thus, your lenders will need training prior to this change.

Covered Topics

  • I’m Not a HMDA Bank Anymore, Now What?
  • Making the Transition
  • What Transactions Require GMI Collection?
  • Collection Rules (More Complex Than You Think)
  • Collection Forms
  • Fair Housing Logs
  • Best Practices & Much More!

Who Should Attend?

Loan officers, loan processors, compliance, audit and other loan operations personnel.