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2018 was the year in which the world of HMDA was turned upside down. On January 1, 2018 expanded data collection, as required by the Dodd-Frank Act and Regulation C, began. On May 24, 2018 Congress passed the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA). The EGRRCPA provided a partial exemption from HMDA data collection and reporting requirements for certain small volume HMDA reporters with appropriate Community Reinvest Act ratings.
HMDA-reporting banks spend considerable time in January and February of each year “scrubbing” HMDA data before the March 1st submission date. The 2018 data, which must be submitted to the CFPB by March 1, 2019, is the second year for which HMDA data is submitted through the HMDA Platform, which includes the process for resolving edits. This webinar is designed to get you ready for these tasks.
Errors can result from the failure to report a covered loan, reporting a loan that is not reportable, miscoding data on reported loans. Regulators continue to report significant error rates for HMDA data. Penalties may be imposed for such errors. This program reviews data collection and reporting rules, common problems that occur when collecting and reporting the HMDA data, and issues related to the public disclosure of the information.
This two-hour webinar recording focuses on the basic rules of HMDA and Regulation C and provides the information needed to assure accurate reporting of 2018 HMDA data.
You will receive a detailed manual that serves as a handbook long after the recording is viewed.
The recording provides:
- A thorough explanation of which institutions are covered by HMDA and Regulation C for the 2018 reporting cycle;
- Which institutions are eligible for the EGRRCPA partial HMDA exemption and whether those institutions should take advantage of the exemption;
- A review of which loans are and are not reportable;
- Detailed information on how to complete the LAR;
- Clarification of the rules related to secondary market and broker transactions;
- Detail on the data submission and public availability requirements;
- Steps to identify and eliminate reporting errors and thereby avoid penalties; and
- Actions to take to prepare for submitting the 2018 data to the CFPB.
The recording 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 recording provides a comprehensive review of the existing requirements of HMDA and Regulation C.