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Uniform Residential Loan Application Example
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Mortgage Loan Originator Resume Samples
New Uniform Home Loan Application Status and Race and Ethnicity Information Gathering Expanded Home Mortgage Disclosure Act 2017
This official approval was issued September 23, 2016. Organizations may rely on part III of this official Bureau agreement as of January 1, 2017.
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The Consumer Financial Protection Bureau (Bureau) issued an Equal Credit Opportunity Act notice regarding the new Uniform Home Loan Application and expansion of the 2017 Home Mortgage Disclosure Act information gathering on race and ethnicity.
Which Document Represents The Borrower S Promise To Repay The Loan
James Wylie, Counsel, Office of Regulation, Bureau of Consumer Financial Protection, 1700 G Street NW., Washington, DC 20552, at 202-435-7700.
And its implementing regulations, Regulation B, 12 CFR section 1002. Section 706(e) of the ECOA, as amended, provides that no provision of the ECOA imposes liability for any act made or omitted in good faith pursuant to a rule, official regulation , or its interpretation by the Bureau or in accordance with the interpretation or approval of an officer or employee of the Bureau who is duly authorized by the Bureau to provide such explanation or approval. This notification (formal Bureau approval) constitutes such explanation or approval, and therefore section 706(e) protects the debtor from civil liability under the ECOA for any act done or omitted in good faith pursuant to this notification.
The Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association (together, Enterprises), under the jurisdiction of the Federal Housing Finance Agency (FHFA), issued a revised and restated Uniform Home Loan Application on August 23, 2016, incorporated as a link to this notice (URLA 2016).
This release is part of these agencies’ efforts to update the Uniform Loan Application Database (ULAD) with respect to the 2016 URLA. Bureau staff has reviewed the 2016 URLA upon a request from the FHFA and the Company for official Bureau approval for the 2016 URLA under ECOA and Regulation B.
Federal Register :: Status Of New Uniform Residential Loan Application And Collection Of Expanded Home Mortgage Disclosure Act Information About Ethnicity And Race In 2017
The URLA version dated January 2004 is included in annex B to Regulation B as a model form. Appendix B stipulates that the use of the model form in Appendix B is optional based on Regulation B unless the debtor uses the appropriate model form in Appendix B, or changes the form according to the instructions in Appendix B, the debtor will be considered. to act in accordance with § 1002.5(b) to (d). The Rule B comment in annex B-1 provides that a creditor may use an earlier version of URLA, dated October 1992, without violating Rule B.
This official Bureau Agreement is issued separately from, and without modification to, the official interpretation of Regulation B contained in Appendix I to Regulation B. The Bureau will consider whether to address the treatment of the older version of URLA therein. to Regulation B later.
Rule B § 1002.5(b) provides rules regarding requests for information about race, color, religion, national origin, or gender. Section 1002.5(c) provides rules regarding requests for information about spouses or ex-partners. Section 1002.5(d) provides rules regarding requests for marital status information; income from alimony, child support, or separate maintenance; and raising children or raising children. Bureau staff have determined that the languages applicable to the 2016 URLA comply with the provisions of this regulation. The debtor’s use of the 2016 URLA is not required under Rule B. However, the debtor’s action to use the 2016 URLA without any modification would violate § 1002.5(b) to (d) under § 1002.5(b) to ( d ). Authorization This authorized Bureau is duly authorized by the Director of the Bureau and provides for the protections afforded under section 706(e) of the ECOA.
Part of the Bureau’s official authorization relates to the collection of information on the ethnicity and race of applicants in accordance with Regulation B from 1 January 2017 to 31 December 2017.
Document Updates: Redesigned Uniform Residential Loan Application (cx20667)
With certain exceptions, Rule B § 1002.5(b) generally prohibits creditors from inquiring about the race, color, religion, national origin, or gender of the applicant or any other person in connection with a credit transaction. Regulation B § 1002.5(a)(2) provides an exception to the prohibition for information, including information on ethnicity and race, for investigative purposes to be requested by a creditor for certain loans with residents of locations under § 1002.13, and for information required by regulation , orders, or agreements issued by or made by a court or law enforcement agency to monitor or comply with the ECOA, Regulation B, or other Federal or State laws or regulations, including Regulation C.
Under Regulation C § 1003.4(a)(10), borrowers subject to Regulation C must collect, record and report certain information, including information regarding race and ethnicity, which will be prohibited.
Regulation C, as amended by the final rule published in the Federal Register at 80 FR 66127 on 28 October 2015 (HMDA final rule 2015), will require financial institutions to allow applicants to identify themselves by using segregated racial and ethnic categories from 1 January 2018.
Prior to that date, however, such search would not be required under Regulation C or permitted under Regulation B § 1002.5(a)(2), so the creditor would be prevented by Regulation B § 1002.5(b) from seeking identification from the applicant. using separate ethnic and racial categories.
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The Bureau believes there will be significant benefits in allowing creditors to require, by January 1, 2018, that applicants self-identify using segregated racial and ethnic categories under the amended Regulation C, using the process and guidelines provided in Appendix B to the amended Regulation. C. The Bureau believes the approval may give creditors time to implement regulatory changes and improve their compliance processes before the new requirements become effective, and therefore mandatory, on January 1, 2018. and more HMDA Rules and Regulations goals C. Some creditors may be prepared to permits applicants to self-identify using racial and ethnic categories before 1 January 2018, but is unable for them to move to new forms and processes as a result of the prohibitions in the Regulations. B § 1002.5(b). It can assist the industry to adopt these standards to allow lenders to allow applicants to self-identify using disaggregated racial and ethnic categories by January 1, 2018. In addition, it allows applicants to self-identify using racially and ethnically neutral categories as described in annex B. Rule C, as amended by HMDA’s final 2015 rule, prior to the effective date of that rule a meets the objectives of the ECOA and Regulation B and creates no risk of harm to the consumer. As the Bureau explained in its 2015 HMDA final rules, the Bureau believes that, among other things, disequilibrium will encourage self-reporting by applicants by offering, as the Census did, categories that encourage self-reporting.
At any time from 1 January 2017 to 31 December 2017, creditors may, at their sole discretion, permit an applicant to self-identify using racially and ethnically neutral categories as described in annex B to Regulation C, as amended by the 2015 HMDA final rules. During this period, creditors who adopted the practice of allowing applicants to self-identify using ethnic and racial categories as required in annex B of Rule C, as amended by the final 2015 HMDA regulations, violated Rule B § 1002.5. (b). So far, creditors who adopted the practice of allowing applicants to self-identify using racial and ethnic categories as set out in instructions in annex B of Regulation C, as amended by the final 2015 HMDA rules, according to Reg. B § 1002.13(a)(i) even if the applicant is solicited
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