HMDA could be an acronym for How Much Data Applies? In reality, the Home Mortgage Disclosure Act does require collection and reporting of data regarding dwelling-secured applications. Part 1 of this three-part series will provide the definitions, demographics, rules, and application basics you need.
- Distinguish a “prequalification” which is not HMDA reportable, from a “preapproval” which is reportable
- Effectively use the CFPB’s HMDA resources to identify potential applications
- Define various types of dwellings that trigger a HMDA application
- Explain to applicants the need to collect demographic information
- Understand the elements of a “completed” application
The Home Mortgage Disclosure Act (HMDA) requires financial institutions to collect and report data related to certain dwelling-secured applications. Reporting mistakes can result in civil money penalties and regulatory headaches. Join this fast-paced 60-minute session that outlines the basic rules for identifying potential HMDA applications and provides effective training for new employees and reinforces the importance of “getting it right” for the lending staff. This is the first webinar of a three-part series. Attend Parts 2 and 3 to learn more about collecting demographic information and commercial lending issues.