Home Mortgage Disclosure Act (HMDA) Requirements for 2018

December 8, 2017

Gateway Mortgage Correspondent Lending Home Mortgage Disclosure Act (HMDA) Requirements for 2018:

  • For loan applications taken starting January 1, 2018 Gateway requires the new Demographic Information Addendum of the Uniform Residential Loan Application (1003) to be completed.  If the Demographic Information Addendum is missing for applications dated on or after January 1, 2018, Gateway will condition for the required addendum to comply with the new HMDA Rule.
  • Financial institutions, such as Gateway, that purchase your loan must use the Universal Loan Identifier (ULI) that was previously reported by your company.
  • Delegated loans – Gateway requires that you provide the ULI on a separate form.  You may use a form that you are currently utilizing, or complete a fillable ULI form provided for you on our website which allows you to copy and paste the ULI to ensure accuracy.  This form can be found at  http://www.gatewaycorrespondent.com/overlay-matrix/forms/
    • If delegated Clients have created a ULI on loans closed (Note signed) prior to January 1, 2018, the ULI must be delivered to Gateway.
    • All delegated loans closed (Note signed) on or after January 1, 2018, must deliver a ULI to Gateway.  If the ULI is missing for loans closed (Note signed) on or after January 1, 2018, Gateway will condition for the ULI to comply with the new HMDA Rule.
  • Non-Delegated loans – Gateway will create the ULI, the lender making the credit decision is responsible for creating the ULI.
  • For HMDA reporting purposes, loans sold to Gateway would be reported as purchaser type code of (71) – Credit union, mortgage company, or finance company.
  • HMDA Resources and additional information can be found at:  https://www.consumerfinance.gov/policy-compliance/guidance/implementation-guidance/hmda-implementation/

Your Regional Sales Manager will contact you to obtain your Legal Entity Identifier (LEI) information which will be added to your client profile in GEMS to assist us in creating a matching ULI for HMDA reporting.

Please direct any questions to your Regional Sales Manager

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