HMDA: Collecting Demographic Information

Collecting an applicant’s demographic information (race, ethnicity & sex) isn’t always as easy as it seems.  There are a lot of little rules and requirements that make it challenging.  One area that causes a lot of confusion are the “yes/no” questions included in the demographic collection area at the bottom of the Fannie Mae 1003 application form.  It states, these questions are “To Be Completed by Financial Institution (for applications taken in person)”

So, what do you do when you have an application that’s not taken in person?

David explains more about HMDA in the video


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