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.