use of revised categories. May a lender use the revised race and ethnicity categories to collect monitoring information before January 1, 2004?
The revised ethnicity and race categories take effect for applications received on or after January 1, 2004. A lender should not use the revised categories for collecting HMDA data before that date, unless the lender is certain that the application will not receive final action until 2004 (e.g., because it was received on December 30, 2003). See comment 203.4(a)-4(iv). Using the revised categories for applications received in 2003 could result in reporting errors on the 2003 HMDA Loan Application Register (HMDA LAR).
