2014 HMDA Review & Update
The proposed changes are the most significant changes to the law and regulation in decades. The changes go far beyond those changes required by the Dodd-Frank Act.
On July 24, 2014, the Consumer Financial Protection Bureau (CFPB) published proposed rules to implement changes to the Home Mortgage Disclosure Act (HMDA). Some of the proposed changes are mandated by the Dodd-Frank Act, others are part of a CFPB effort to modernize and streamline regulations. Comments on the 572-page proposal are due on or before October 22, 2014.
- The rules that determine which financial institutions are subject to HMDA;
- The expanded data required on the Loan Application Register. The LAR now contains sixty fields of data;
- The rules regarding use of the MISMO data standards for residential mortgages;
- The rules that determine which loans are HMDA reportable, which now include most dwelling secured loans (including both open-end and closed-end credit);
- Quarterly reporting requirements for those submitting large volumes of data;
- New electronic reporting requirements; and
- Much more.
Mortgage loan department management, trainers, compliance officers, auditors and others with responsibilities for assuring compliance with HMDA data collection and reporting rules.
Jack Holzknecht, CRCM, a principal with Pegasus Educational Services, LLC, has been delivering the word on lending compliance for 37 years. Jack’s career began as a federal bank examiner. He also headed the form and software division of a regional consulting company and spent seven years in charge of their education division. He also developed and delivered training for the FDIC and OTS.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Institute of Certified Bankers: Estimated credits: 2 hours CRCM/CLBB (self-reporting).
Member price: $265.00 | Non member price $530.00
Member price: $280.00 | Non member price $560.00
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1516 Xavier St., Ste 500, Denver, CO 80204
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