Patriot Act
Beginning January 1, 2004, all
mortgage lenders are required to collect modified Race
data, as well as new Ethnicity, Home Ownership and
Equity Protection Act (HOEPA) Status, and Rate Spread
data, to comply with the revisions to Regulation C, the
implementing regulation for HMDA. The USA Patriot Act
currently requires that financial institutions collect
customers’ dates of birth instead of age. Hometown
Equity Mortgage will collect this data should you decide
to complete a full application for a mortgage loan.
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