HMDA 2018 Challenges with Taking Applications - Two Part Series

This is a two-part series. The prices below are including both sessions. Each session can also be attended individually by clicking on the links below.

Highlights:

HMDA 2018 Challenges with Taking Applications Part I – Consumer Applications
Thursday, October 12th, 2017
1:30 pm - 3:30 pm CT

How should you begin to prepare for these sweeping changes? HMDA reporters must follow the new rules for applications when final action is taken on or after January 1, 2018. MOST of the required information for consumer loans comes from the FNMA 1003 application. A redesigned URLA (Uniform Residential Loan Application) form was released August 23, 2016 and may not be used until January 1, 2018. While the reporting process may be more streamlined in the secondary market area, there will be significant changes requiring extensive training and internal controls for not only traditional mortgages but other types of applications. The “dwelling secured” standard was generally adopted for closed-end loans and lines of credit. What type of application form should be used for a line of credit to consolidate debt that is secured by a dwelling? What if the collateral is a “mixed use” property? How will your employees know when the applicant and co-applicant should be asked to identify their ethnicity, race, and sex? Do you collect any information for additional co-applicants or guarantors?

Will the application forms you are currently using provide all the required fields for the new reporting requirements?

There are approximately 81+ “working days from this presentation until January 1, 2018. There are very few parts of the existing rules that will remain unchanged and there are 110 data elements in the new rule. Will you be ready for these extensive changes? Attend this session and learn more about application processing for consumer loans under the new rules and gain valuable tips that will help your bank prepare for 2018.

HMDA 2018 Challenges with Taking Applications Part II – Commercial Applications
Tuesday, November 14th, 2017
1:30 pm - 3:30 pm CT

Are you prepared for these sweeping changes? HMDA reporters must follow the new rules for applications when final action is taken on or after January 1, 2018. Many banks do not have a formal “application” form for commercial and agricultural loan requests. While the reporting process may be more streamlined in the mortgage and consumer area, there will be significant changes for business purpose applications. The “dwelling secured” standard was generally adopted for closed-end loans and lines of credit for consumers. Business or commercial loans have both the loan purpose test and the dwelling secured test. Business or commercial purpose loans and lines of credit are reportable only if the purpose of the loan is for home purchase, home improvement, or refinance and the loan is secured by a dwelling.

What type of business purpose loans will be reported? What factors are considered in the purpose test? What if the collateral is a “mixed use” property? Lenders must request applicants and co-applicants who are “natural persons” to identify their ethnicity, race, and sex; this requirement does not apply to a corporation, partnership, LLC, or guarantors. Will the data collection forms you are currently using provide all the required fields for the new reporting requirements?

There are approximately 48+ “working days” from this presentation until January 1, 2018. There are very few parts of the existing rules that will remain unchanged and there are 110 data elements in the new rule. Will you be ready for these extensive changes? Attend this session and learn more about application processing for consumer loans under the new rules and gain valuable tips that will help your bank prepare for 2018.

Who Should Attend?

This informative session is designed for lenders, personal bankers, loan assistants and processors, loan operations staff, compliance officers, fair lending officers, IT staff, and auditors.


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