National Monitoring Information needs Under the HMDA while the ECOA

National Monitoring Information needs Under the HMDA while the ECOA

By Aaron Thompson, Senior Examiner, Federal Reserve Bank of Richmond

Introduction

National monitoring information (GMI) is the mortgage applicant demographic data creditors must gather under Regulation B, which implements the Equal Credit chance Act (ECOA), and Regulation C, which implements the house Mortgage Disclosure Act (HMDA), whenever customers submit an application for specific home loans. The regulatory check city near me dependence on loan providers to get such information goes back to 1977 if the Federal Reserve Board (Board) amended Regulation B to need creditors to get monitoring details about age, intercourse, marital status, and competition or nationwide beginning on home-purchase loans and refinancing deals. 1 The Board explained that these details would help federal regulators detect home loan discrimination that is lending.