In Mary Beth's article this morning, there was no mention of the requirement to obtain government monitoring data on real-estate related telephone and Web applications. My understanding is that this is a change that will be effective 1/1/03. Did this change, or am I correct regarding the effective date?
Thanks,
Leslie

It is my understanding that effective 1/1/2003, banks will be required to ask for race/sex info on all telephone applications.

No changes there. I haven't read the article yet, but she may have been addressing the 2004 changes.

If you look at the bottom of the article it indicates it was first published in May 2002 by the Oklahoma Bankers Association. I think the article was written before the 6/27/02 changes. You are correct that for 1/1/03 we will be required to ask the government monitoring information questions for telephone applications.

Make no doubt about it folks, the revisions are effective 1-1-03 for telephone applications. Government monitoring questions must be asked of telephone applicants.

David, Andy, & other Guru's , what are your thoughts for 3rd Party applications or Wholesale Loan applications? How will we inforce broker compliance with this new required collection?
Appreciate your comments.

In reply to:

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How will we inforce broker compliance with this new required collection?

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With a big stick.

We don't do much (or any) of this. But my guess is Compliance will battle it out with the powers that be, demanding quality, not qualtity from brokers. Therein lies the conflict between compliance and business development. And hopefully the brokers will do it right in the first place.