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WBK Industry News - Federal Regulatory Developments

FHAC System Temporarily Modified to Accept New HMDA Collection Fields

The FHA recently informed mortgagees of planned modifications in the FHA Connection (FHAC) system to capture expanded borrower demographic information that mortgagees must begin collecting on January 1, 2018, in accordance with the new Home Mortgage Disclosure Act (HMDA) Final Rule.  This information is available to be collected on the Demographic Information Addendum to the Uniform Residential Loan Application (URLA).  However, the changes have not been implemented in the FHAC system by the January 1 collection start date.

In the interim, the FHAC system has been temporarily modified to allow mortgagees to submit the demographic information collected if the currently available fields in FHAC match the borrower(s) submission.  The FHAC system has also been temporarily modified to permit the fields to be left blank if the demographic information collected does not match the currently available fields.

FHA has not established an implementation date for the expanded demographic information changes required by the new HMDA Rule in the FHAC system.  However, an announcement regarding the implementation schedule is expected to be made in the coming weeks.

The FHA announcement is available here.