National Monitoring Information needs Under the HMDA as well as the ECOA

National Monitoring Information needs Under the HMDA as well as the ECOA

By Aaron Thompson, Senior Examiner, Federal Reserve Bank of Richmond

Introduction

National monitoring information (GMI) is the mortgage applicant demographic data creditors must gather under Regulation B, which implements the Equal Credit installment loan help illinois chance Act (ECOA), and Regulation C, which implements the house Mortgage Disclosure Act (HMDA), whenever customers make an application for particular home mortgages.