Thread Starter: rlcarey
Title: Re: S.2155 - passed Senate with 100 amendments but...
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"Reverting to year 2017 standards will mean reporting "Asian" but not "Korean," right? So we are in fact collecting demographics info that we are exempt from reporting, aren't we?"
This is not a reversion to the 2017 rules, you would only be exempt from the following, and the new demographics is not one of them:
(5) the number and dollar amount of mortgage loans grouped according to measurements of-
(A) the total points and fees payable at origination in connection with the mortgage as determined by the Bureau, taking into account 15 U.S.C. 1602(aa)(4);
(B) the difference between the annual percentage rate associated with the loan and a benchmark rate or rates for all loans;
(C) the term in months of any prepayment penalty or other fee or charge payable on repayment of some portion of principal or the entire principal in advance of scheduled payments; and
(D) such other information as the Bureau may require; and
(6) the number and dollar amount of mortgage loans and completed applications grouped according to measurements of-
(A) the value of the real property pledged or proposed to be pledged as collateral;
(B) the actual or proposed term in months of any introductory period after which the rate of interest may change;
(C) the presence of contractual terms or proposed contractual terms that would allow the mortgagor or applicant to make payments other than fully amortizing payments during any portion of the loan term;
(D) the actual or proposed term in months of the mortgage loan;
(E) the channel through which application was made, including retail, broker, and other relevant categories;
(F) as the Bureau may determine to be appropriate, a unique identifier that identifies the loan originator as set forth in section 5102 of this title;
(G) as the Bureau may determine to be appropriate, a universal loan identifier;
(H) as the Bureau may determine to be appropriate, the parcel number that corresponds to the real property pledged or proposed to be pledged as collateral;
(I) the credit score of mortgage applicants and mortgagors, in such form as the Bureau may prescribe; and
(J) such other information as the Bureau may require.
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