Where on the mortgage application does an MLO collect the Government Monitoring Information required by HMDA?

Where on the mortgage application does an MLO collect the Government Monitoring Information required by HMDA?

• A. Section 10 (X)
• B. Section 9 (IX)
• C. Section 11 (XI)
• D. Section 12 (XII)

Answer: (A)

Government Monitoring Information for HMDA is collected in the section of the 1003 that handles demographic data. This is Section 10. It asks the borrower to provide ethnicity, race, and sex information. This data is collected to support HMDA reporting and fair-lending monitoring, and it does not affect the loan decision. Other sections of the form cover loan terms, income, assets, and employment, which are used for underwriting, not for HMDA demographic monitoring.

Government Monitoring Information for HMDA is collected in the section of the 1003 that handles demographic data. This is Section 10. It asks the borrower to provide ethnicity, race, and sex information. This data is collected to support HMDA reporting and fair-lending monitoring, and it does not affect the loan decision. Other sections of the form cover loan terms, income, assets, and employment, which are used for underwriting, not for HMDA demographic monitoring.