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All HMDA reporters will be affected by the revised HMDA rules effective January, 2018.
The revised HMDA rules affect all transactions with action dates in 2018, regardless of when the application was taken. That means that 12 months from now, in 2017, your institution could have applications in its pipeline that will be on the 2018 HMDA LAR and reported under the new rules.
The time to understand the rules and start planning is now. Do not think you can wait and look up instructions and definitions when you start to complete the LAR in 2018. The ability to gather data and report correctly for 2018 requires advance training and planning. This is not today's LAR with some changes in definitions. This is a major rewrite of the requirements with entirely new concepts and rules.
In prior BOL Learning Connect webinars we have reviewed changes in definitions and reportable loan types and rules for individual fields.
In this webinar, we will cover some of the more complex fields, including:
- Reporting the expanded race and ethnicity fields with examples, with a surprise change from Appendix B
- The one exception to the rule that modifications really are not reportable
- Uniform Loan Identifier creation - a refresher
- Credit score and credit score system reporting
- Gross annual income - what to report in different situations
- How the property value and loan to value fields work together
- What the automated underwriting system and result reporting rules mean
- Fields dependent upon TRID and/or ATR applicability
- Affordable housing units for multi-family properties - what are they and what aren't they?
- Conditional approvals
- Multiple property rules - a review
Individual rules contain surprises, and the commentary and Appendices B and C are "must reads" in order to understand what and when to report. We'll break t
Complex challenges in the new HMDA rules
HMDA LAR Fields Effective 1/1/2018 - Comparison with Current HMDA Fields - Updated 7/17/2016
HMDA Conditional Approvals
Not Applicable Reporting for HMDA Effective 1/1/2018
Reporting Multiple Properties for HMDA 1003.4(a)(9) EFFECTIVE 1/1/2018
Questions and Answers
Questions and Answers