New HMDA Reporting Requirements – Demographic Information Addendum to the 1003
In accordance with the Home Mortgage Disclosure Act (HMDA) requirements, for applications taken January 1, 2018 or later, WesLend will require all Brokers to provide the new Fannie Mae Demographic Information (DI) Addendum to the 1003 as a part of their loan submission. The DI Addendum will replace Section X. of the 1003 and will be used to collect the new expanded Government Monitoring Information (GMI) pertaining to race and ethnicity.
Effective January 1, 2018, all 1003s must contain the DI Addendum. If a DI Addendum is not included with the 1003 or if the old version is provided, the loan submission will be considered incomplete. Be advised that Loan Set Up cannot hold incomplete files longer than two business days. If the 1003 and DI Addendum are not received within the allotted timeframe, the loan submission will need to be resubmitted as a new loan submission.
The new Demographic Information addendum can be found here.
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