The world of HMDA is changing in a dramatic fashion. On October 13, 2015 the Consumer Financial Protection Bureau (CFPB) published 797 pages of final rules to implement changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act and changes from the CFPB that are intended to modernize and simplify the reporting requirements. The final rules are generally effective on January 1, 2018, but changes begin with the 2017 HMDA data.
The final amendments to Regulation C modify the types of institutions and transactions subject to the regulation, the types of data that institutions are required to collect, and the processes for reporting and disclosing the required data.
The program provides:
• Detailed information on how to complete the LAR. The reportable data, expanded from 23 to 48 data points.
• Information regarding amendments related to the collection of ethnicity, race, and sex of applicants and borrowers.
• A review of the 2017 and 2018 Filing Instructions Guide (FIG) (published July 2016);
• Steps to identify and eliminate reporting errors and thereby avoid penalties.
A webinar recording of on this topic is available here.