There are significant changes for HMDA coverage and new data fields beginning
January 1, 2018. However, financial institutions will still operate under the
existing rules for the 2017 data reported by March 1, 2018. The rules for
reporting the data haven’t changed, however, the method for validating and
submitting the data has changed significantly. Financial institutions must
address all edits prior to submitting the data collected in 2017. The web-based
edit report provided by the CFPB’s HMDA platform will address syntactical,
validity, quality, and macro-quality edits.
Regulators can assess civil
money penalties and require institutions to scrub and resubmit data for HMDA
reporting errors. How can these penalties and headaches be avoided? What does
your HMDA data tell the regulators and the community about potential fair
This webinar will cover the basic requirements for
accurate 2017 HMDA data collection and provide an overview of the technical
reporting requirements. Learn how to use tools that will streamline your
efforts, find potential reporting errors, and identify fair lending red flags.
- Overview of HMDA requirements for 2017 activity
Who reports HMDA data?
- What types of loans are covered and what data is
- How and when is the data reported?
- “Pain points” and the
top 10 HMDA reporting mistakes, including solutions for accurate reporting
Properly reporting data in the 26 required fields on the
- Loan Application
- Common reporting mistakes and practical tips for managing
- Overview of the revised submission method for 2017 data,
“authorized representative” requirements to certify the data is accurate and
complete, and highlights of the August 2017 FIG (Filing Instructions Guide)
changes, including using a “variable-width, pipe delimited text file”
data analysis process for fair lending purposes
Susan Costonis, CRCM, Compliance Consulting & Training for FIs