Don’t make me guess

Don’t Make Me Guess

Well it’s out, the new loan application, and it’s been in use for over a month now. It’s pretty crazy if you think about it, why do we need all this information anyway? In its simplest form it’s designed to make sure you’re not mistreated. A way for the government to monitor how loan originators, banks and lenders treat people who apply for a loan whether they are approved or not.  What fees one is charged or the rates you may be offered. Yes, I am going to tackle this big thing that most are afraid to even mention.

There is a particular ‘part I’ would to talk about today, it’s Section 7 “Demographic Information of Borrower”.  Federal law requires that the Loan Originator ask the borrower to fill out the form or verbally answer the questions. The Borrower is not required to answer any of the questions, however if you don’t answer them they require the Loan Originator to do so.

The questions seem normal or simple enough but yet can mean something different to each of us. Let’s look at the first part, there are three main choices,

  1. Hispanic or Latino
  2. Not Hispanic or Latino
  3. I do not wish to provide this information

I often thought I was pretty smart but here I find myself completely confused. Does the government only think or want us to think that Ethnicity only breaks down between Hispanic, Latino’s and everyone else is just other?

 

Next part is,

  1. male
  2. female
  3. and I do not want to furnish this information.

I mean it’s not as easy as the question looks, because if your choice is not to answer the question then the loan originator has to guess at the answer. This could be tough if over the phone or via the internet. What I mean is – if I may – let’s look at the name Dakota, male or female? Dakota Fanning is a pretty great actress if I say so myself. And what about Dakota Myer, this guy was a phenomenal Marine, a Medal of Honor recipient. Semper Fi!  What if a loan originator is sitting face to face with a borrower who is like the character in the Series “Billions”, Taylor Mason played by Asia Kate Dillion whose role is of a person of gender that’s non-binary.

 

Then the third part, Race. (multiple parts)

This part is the craziest of them all. It first breaks down, American Indian and the Alaskan Native, they have to write in their tribe. How does a loan originator differentiate a people from different tribes? Next is Asian and it breaks down into different choices but I wonder why they break down this section into many parts like Hispanic or Latinos but they don’t break down the next part Black or African American? I mean you can be a descendent from many different parts of Africa or you can even be a white person from parts of Africa too.

Then it breaks down Native Hawaiian or Other Pacific Islander. I thought the Philippines were a set of islands in the Pacific. I guess I am going to have to review that too.

Then there is the last one in this section, White. But yet this section doesn’t break down to any other parts. I would have to guess white is white today even though I some how remember it different growing up. My mother’s mother was of Greek descent and her father was of Italian descent. My father’s parents were both of French Canadian descent. Growing up, the neighborhood kids would call me a FIG, (French Italian and Greek). Backing up even further, my Italian grandfather used to tell me, “You know you’re Sicilian and Sicilians can be Italian but Italians can’t be Sicilian”. On the Greek side my great-grandfather was so upset when my grandmother wanted to get married to my grandfather because she was marrying out of her race. Greek versus Italian, today they are just white.

It probably wasn’t until I joined the Marine Corps that I understood it best that I was an American, not a French-Canadian descendant and not of Italy or of Greece but of America. I was an American not white or of color, just American and a Marine and proud to be one. I learned then we are of one people, the American people. We love and bleed, fight and die no different to each other in defending out freedom and our American way.

I hate this section of the application as it forces us to see each other differently. Everyone should be treated fairly on how hard they have worked to prepare themselves for home ownership, good credit scores, money saved and the ability to repay. It’s not about gender, ethnicity or race, its about us helping each other grow.

So please answer the questions for the government monitoring of the banks, lenders and loan originators, don’t make me guess, I hate to have to think about stuff that doesn’t make a difference to me.

No one should ever be treated unfairly, ask questions, get your facts, and we will see you at a happy closing table.