2018 Borrower Demographic Requirements
SmartApp1003, the most agile online 1003, just got better. At LenderHomePage, staying on top of compliance is just as important to us as it is for our clients. That’s why we were proactive with the latest requirements for 2018 of Government Monitoring Information (GMI) to the 1003.
The government monitoring information (GMI) refers to the data of demographics that creditors must collect when consumers apply for certain mortgage loans. The goal of this collected information is to help federal regulators detect lending discrimination. The new Home Mortgage Disclosure Act (HMDA) rule requires lenders to collect new and amended borrower demographic information on loan applications taken on or after January 1, 2018.
Our secure, cloud-based 1003 now has all the demographic information questions that lenders are required to collect.
We have just enhanced our SmartApp1003 dashboard with easy-to-use and insightful analytics. You can now easily visualize your data. You can see graphs that display performance by Branch, Loan Officers, Loan Amount, Property Value, etc… You will really love the fact that you have access to all data visually in one page.