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Webinar: Avoiding HMDA Reporting Mistakes


Wednesday, July 30, 2014

2:00 - 3:30 pm CST


Speaker: Susan Costonis, Compliance Consulting and Training for Financial Institutions


About the Program

The March 2014 NCUA Report contained a dialog with the new Deputy Director of the Office of Consumer Protection titled “Compliance Management, HMDA Data Quality Top Fair Lending Concerns”. This included a comment from the Director that “Credit unions should ensure that the staff responsible for HMDA reporting receives training and establish a verification system to test HMDA data.” An on-site fair lending exam can be triggered by HMDA “outlier” data when there are indications that lending practices are outside the normal range for pricing, denials, withdrawals, or loan terms when compared to other credit unions. Risk-focused exams are showing HMDA data quality errors.


In addition, the CFPB fined a “non-bank” mortgage company $425,000 in 2013 for HMDA reporting errors and sent a strong message to regulators that “getting it right” is important. What did they do wrong? How can you avoid these fines, penalties, and headaches? What does the HMDA data tell regulators about potential fair lending problems? This seminar will cover the basic requirements for accurate HMDA data collection. Learn how to use the HMDA “Getting it Right Guide” and other tools to help streamline your efforts and detect potential reporting errors.


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