We are conducting a survey of financial institutions on the topic of, Electronic Document Delivery, to help to get to know our customer base better. We are interested in finding out what systems they are using, and how satisfied they are with those systems. Please consider taking the brief poll below. Everyone who completes the poll will receive the survey results within two weeks after the close of the survey. The survey closes on Friday,
Finally, HMDA covered financial institutions can view another piece to the never-ending puzzle of HMDA tools from the CFPB. The HMDA Platform was released today for beta testing. Starting with 2017 data collected, financial institutions are required to report HMDA data to the CFPB. The platform must be utilized by all HMDA reportable financial institutions to submit their data required by March 1, 2018. The Bureau did clarify the reason for the release was to
SET YOUR CLOCKS BACK AND CHECK YOUR TRID DISCLOSURES
Category: Lending Compliance, Regulation Z, TRID, Truth in Lending
It’s that time of year again. Daylight Saving Time, or Daylight Time (DT), ends on November 5, 2017 at 2:00 a.m. If your financial institution is in an area that observes Daylight Savings Time, ensure the time zone designation has been updated to reflect Standard Time (ST) on your TRID disclosures. Under the TRID rules in Regulation Z creditors must disclose the date and time (including the applicable time zone): When the interest rate lock
Recently the Federal Housing Finance Agency (FHFA) announced its decision to add a preferred language question to the redesigned Uniform Residential Loan Application (URLA). This question will enable borrowers who prefer to communicate in a language other than English to identify that language. It also provides clear disclosures that the mortgage transaction is likely to be conducted in English and that language resources may not be available. The addition of this question is part of
INTERAGENCY HMDA KEY FIELDS PUBLISHED
Category: FDIC, Federal Reserve Board, HMDA, OCC, Regulation C
The FRB, the FDIC, and the OCC recently issued Designated Key HMDA Data Fields to support the efficient and effective evaluation of financial institutions’ compliance with the HMDA’s requirements. Of 110 data fields, 37 are identified as key fields. In certain circumstances, however, examiners may determine it necessary to review additional HMDA data fields, as appropriate. Background The HMDA, which is implemented by Regulation C (12 CFR 1003), requires certain financial institutions to collect, record,
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