On January 1, 2018, (less than 12 months away!), you MUST start using the new Fannie Mae Form 1003 with the new Demographic Information. But, did you know you can actually start using the new 1003 Form now? Whether you do or don’t is a management decision but what if you do? If you use the new 1003 and collect demographic information in 2017, you obviously will not report it on the 2017 LAR, because the new fields won’t be on the LAR. On the other hand, if you use the new 1003 in 2017 and the loan doesn’t close until 2018, you have the “option” of reporting the demographic information on the 2018 LAR OR you could just report as we do today.
There’s a lot of changes when it comes to the new Demographic Information and it’s much more complex than today’s rules. Join us for our one-hour 2018 HMDA Demographic Information Webinar on March 16, 2017, get the answers to your burning questions.
Deb joined Banker’s Compliance Consulting with twenty years of experience in the banking industry. Her past positions include teller, credit review analyst, assistant financial officer, BSA Officer, Compliance Officer, and Director of Compliance. She has worked for both a small community bank and a large billion-dollar bank.
Deb has Associate Degrees in Business Management and Accounting. She is a graduate of the American Bankers Association National Graduate School of Compliance Management, an honors graduate of Schools of Banking Compliance School, and a graduate of Schools of Banking Advanced School of Banking. Deb’s considerable knowledge and experience make her a valuable member of the Banker’s Compliance Consulting Team. Deb is a Certified Regulatory Compliance Manager (CRCM) and a Certified Anti Money-Laundering Specialist (CAMS).
Deb loves to spend her free time cycling, running, kayaking and weight lifting with her husband. Between them, they have three adult children and six grandchildren. Other interests include anything outdoors and anything she hasn’t done or seen yet!