Over the summer, Fannie Mae and Freddie Mac announced that their new Uniform Residential Loan Application would be available in January 2018. But now, HousingWire staffer Kelsey Ramirez reports, the Consumer Financial Protection Bureau has moved the date so that lenders can use the application begging Jan. 1, 2017.

The initial timeline coincided with the debut of the Home Mortgage Disclosure Act, which requires lenders to report certain data in order to ensure fair lending. The act will require lenders to gather more information about the race of the applicants.

The CFPB announced that “at any time from January 1, 2017, through December 31, 2017…at its option, [lenders may] permit applicants to self-identify using disaggregated ethnic and racial categories as instructed in appendix B to Regulation C, as amended by the 2015 HMDA final rule.”

The Equal Credit Opportunity Act, which was enacted in 1974, is an act now overseen by the CFPB that ensures fair lending. While Regulation B prevents discrimination, Regulation C is the rule which implements HMDA.

So while reporting ethnicity to HMDA won’t become a requirement until 2018, lenders will be allowed to begin collecting the data in 2017.

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