Product Hatching Ideas

Enhancements to 1003 Application to reflect new HMD collection

Are we including the new questions for race and ethnicity section of the 1003 application? Based on the Home Mortgage Disclosure Act (HDM) There is additional data which will need to be collected starting 2018. I believe the information below is what will be added and Northpointe has inquired as to where we are on this as far as adding it to our application:

Additional HMDA data which will be collected in 2018 includes:

  • the borrower or applicant’s age;
  • the borrower or applicant’s credit score;
  • automated underwriting information;
  • a unique loan identifier;
  • property value;
  • the lending channel, e.g., retail or broker;
  • points and fees paid;
  • borrower-paid origination charges;
  • discount points;
  • lender credits;
  • the term of any prepayment period;
  • interest rate;
  • the presence of terms resulting in potential negative amortization; and
  • the mortgage term. [Future 12 CFR §1003.4]
  • Chris Gibbons
  • Oct 16 2017
  • Moved to Prioritzation
Rating BOB-3
Revenue or Retention? Retention
Workaround Present No
Impact to Existing Customers Multiple
Customer ID(s) 23nrth01
Business Value 2 - Important to a few, minor impact on brand, minor competitive advantage
Urgency 3 - Moderately time constrained
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  • Admin
    Lori Rezac commented
    November 16, 2017 19:24

    Turning the 1003 down.  Aiming for 2/1/17.