Do you know what HMDA reporting is required before and after this mid-year transition? Even in the midst of pandemonium, reporting is still required. Ensure you know what the rules are before the July 1 deadline – it just might be good news for your institution!
- Understand the impacts of the July 1, 2020, changes to the reporting threshold forclosed-end loans subject to HMDA reporting
- Employ a tool for collecting demographic information based on whether the application was made in-person, by mail, or by phone
- Distinguish what activity is recorded in the first quarter of 2020 and NOT recorded in the second quarter, if your institution is excluded under the revised threshold
- Explain how and when demographic information must be requested under Reg B
- Determine which applications remain subject to HMDA reporting
- Identify common reporting challenges
In the midst of the COVID-19 pandemic, the CFPB delivered some good news for financial institutions. Effective July 1, 2020, the final rule amends HMDA to increase the permanent threshold for collecting and reporting data on closed-end mortgage loans from 25 to 100 originated loans. This will significantly reduce the number of smaller filers who are originating fewer than 100 closed-end HMDA reportable loans. Attend this webinar and learn the impacts of the revised rules. It is important to understand that collecting demographic information is not a requirement exclusive to HMDA, and institutions should continue to collect information as required by the Equal Credit Opportunity Act (Regulation B) for the purchase and refinance of a borrower’s principal residence.