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This recording has been updated for the final rules that were issued in August 2017
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.
Part 1 of this series provides a thorough review of the revised Regulation C rules that explain:
- Which financial institutions are or are not covered by the new rules; and
- Which applications and loans are and are not reportable.
The two-hour recording assures participants:
- Understand the new requirements;
- Have a plan to implement the new requirements; and
- Are aware of potential problems resulting from the new requirements.
You will receive a detailed manual and PowerPoint slides that serve as a handbook long after the program is completed.
The program provides:
- A thorough explanation of which institutions are covered by HMDA and Regulation C.
- The final rule adopts uniform loan-volume thresholds for depository and nondepository institutions. The loan-volume thresholds require an institution that originated at least 25 closed-end mortgage loans or at least 100 open-end lines of credit in each of the two preceding calendar years to report HMDA data, provided that the institution meets all of the other criteria for institutional coverage.
- The coverage rules are phased in over a two-year period beginning January 1, 2017.
- A review of which applications and loans are and are not reportable.
- The revised rules simplify the reporting process, but significantly expand the volume of loans that are reportable.
- The final rule adopts a dwelling-secured standard for all loans or lines of credit that are for personal, family, or household purposes.
- Most consumer-purpose transactions, including closed-end home-equity loans, home-equity lines of credit, and reverse mortgages, are now reportable.
- Most commercial-purpose transactions (e., loans or lines of credit not for personal, family, or household purposes) are subject to the regulation only if they are for the purpose of home purchase, home improvement, or refinancing.
- Clarification of the rules related to secondary market and broker transactions;
- Steps to identify and eliminate reporting errors and thereby avoid penalties.
The program is designed for loan officers, compliance officers, loan processors and clerks and auditors. Whether new to the requirements of HMDA and Regulation C or a seasoned veteran, this program provides a comprehensive review of the new requirements of HMDA and Regulation C.