The New HMDA Rule: Implementation Challenges

After a long wait, the CFPB finally issued its new HMDA rules. The new rule takes effect in phases: first HMDA’s coverage increases to include more institutions; then starting in 2018 the real fun begins: new rules around what types of loans are covered, and many more data elements (110 to be exact). As well, the submission and disclosure processes will change, to the new CFPB online method. 2018 seems a long time into the future, but there is much to be done. Now is the time to start your game plan, both in the compliance and technology areas.

Covered Topics:

  • Details of the new coverage rules – who collects and submits information, and when
  • What types of loans are reportable now, and changes happening for collecting 2018 data
  • The new dwelling-secured loan standard – what does this impact?
  • Changes in the commercial loan area
  • How to handle HELOCs
  • New LAR fields – moving to 53 fields, but with many additional data requirements
  • New categories of reporting, including information on the property, loan type, and loan features; plus identification information
  • Changes on how GMI is reported
  • Changes to the submission process
  • Quarterly reporting for some institutions
  • How the public obtains HMDA information changes

Who Should Attend?

Loan officers, managers, and processors, compliance and fair lending officers, auditors, counsel, and anyone else with HMDA-related responsibilities, including data collection, reporting, analysis, and disclosure.