For almost 40 years, the Home Mortgage Disclosure Act (HMDA) has required lenders to provide regulatory agencies and the public with information about mortgage loans and applications for those loans, in order to understand how lenders are serving the community housing needs and promoting access to fair credit in the housing market. The Dodd-Frank Act amended HMDA to significantly increase the amount of data that lenders must report. The Consumer Financial Protection Bureau (CFPB) seized upon the opportunity to implement those data updates as well as to assess other ways to improve the data, reduce unnecessary burden on lenders, and improve the data collection and reporting process.
Specifically, the CFPB is requiring lenders to report not only the new Dodd-Frank data, but many other data points the CFPB believes are necessary to carry out HMDA’s purposes. The CFPB also is changing the tests for determining which lenders and transactions are covered under HMDA. The new rules also will change the reporting frequency for lenders with large numbers of reported transactions.
So, what’s new with HMDA? Everything! And this seminar with expert speaker Kris D. Kully will run through all the upcoming changes.
In this program, you’ll learn about:
- All the new data elements lenders will be required to collect and report. Will all the new data lead to more (or less) scrutiny from fair lending enforcement agencies? Will the agencies be able to collect all the sensitive information?
- All the new tests for determining which depository institutions and other lenders must collect and report HMDA data, for 2017, 2018, and beyond.
- All the types of loans that must be reported.
- When all the new changes and requirements become effective.