Description
This informative 90-minute on-demand webinar tackles the critical issues undermining your Home Mortgage Disclosure Act (HMDA) compliance efforts. Since the significant 2018 amendments to HMDA, many financial institutions continue to grapple with the complexities of the new data collection requirements. While the partial exemption provisions introduced by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) offered some relief, they also introduced new challenges.
Recent Developments: Stay updated on the latest regulatory changes impacting HMDA compliance, including:
- CFPB Guidance On Inaccurate HMDA Data (June 2024): Recent guidance emphasizes accurate HMDA data reporting to promote a fair and competitive mortgage market
- Rescission of the Small Filer Exemption (December 6, 2022): Due to a legal challenge, reporting thresholds reverted to fewer than 25 closed-end mortgage loans, effective January 1, 2023.
- CFPB Final Rule (April 16, 2020): New reporting thresholds for closed-end mortgage loans (fewer than 100 loans) and open-end lines of credit (200 loans) came into effect, with specific deadlines.
WHY: This webinar provides essential insights into the intricate areas of HMDA that can lead to misreporting on the Loan Application Register (LAR) or inaccuracies in reported data. You will receive a comprehensive manual that serves as a valuable resource long after the session concludes.
What You Will Learn:
- Which institutions fall under HMDA and Regulation C
- Key challenges in defining “dwelling” types (e.g., manufactured vs. mobile homes)
- Guidelines for reporting mixed-use properties and multifamily structures
- Clarifications on reporting home improvement loans
- Distinctions between HMDA reporting for construction/permanent financing and TRID requirements
- Expanded guidance on temporary financing
- Current exemptions for closed-end mortgage loans and open-end lines of credit
- The role of the Legal Entity Identifier in the Universal Loan Identifier
- Best practices for reporting property-related fields and demographic data
- Strategies for accurately reporting interest rates and related fees
- Requirements for reporting the use of Automated Underwriting Systems
- Understanding the partial exemption under EGRRCPA
WHO: This on-demand recording is tailored for loan officers, compliance officers, loan processors, clerks, and auditors.
* Please note that the recording links will be delivered to you via a downloadable word document in your confirmation e-mail. The PowerPoint that corresponds with the recording will be automatically delivered upon purchasing via email from the website.
