HMDA 2015 Reporting Update: Avoiding Common Mistakes
Duration: 90 minutes
Speaker: Susan Costonis
Webinar Description
On July 24, 2014 the Consumer Financial Protection Bureau (CFPB) published long-awaited proposed revisions to its Home Mortgage Disclosure Act (HMDA) rules. The 573-page proposed rule would make sweeping changes to Regulation C, and dramatically expand HMDA reporting and compliance obligations. There are potential fair lending implications – more data means more analysis to detect potential discriminatory lending practices. The proposed changes include required reporting of 37 new data fields, 20 of which are not currently required by HMDA and represent additional information the CFPB would like to collect. The proposal would require financial institutions to report home equity lines of credit (HELOCs), reverse mortgages, and commercial loans secured by a dwelling. In addition, the proposal would require “larger” HMDA reporters to report data every calendar quarter, rather than on an annual basis.
What do you need to know now? Attend this information-packed 90 minute webinar to review the HMDA reporting requirements for 2015 and learn practical tips for data collection and validation. Reporting mistakes can be costly and result in civil money penalties, staff time for resubmission, and potential fair lending issues. What’s on the horizon? We’ll review the proposed rule to help prepare for the changes that may become effective in 2016.
Agenda
Overview of the HMDA requirements for 2015 activity, including:
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Who reports HMDA data?
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What types of loans are covered?
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What data is reported?
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When is the data reported?
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How is the data reported?
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How to properly report data of the 26 required fields for 2015 reporting.
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Common reporting mistakes and practical tips for managing the process.
Best practices for HMDA data validation
What will the proposed rules change?
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More types of loans will be covered; the “purpose” test will be eliminated and cover nearly all dwelling-secured loans.
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Data reporting is dramatically increased in these categories
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Borrower Information and Underwriting Characteristics (age, credit score, debt to income ratio, combined loan-to-value, application channel, automated underwriting system
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Property data (Postal address and location; property value, number of dwelling units in the property, construction method, manufactured housing information, multi-family housing information
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Product Features ( points & fees, borrower-paid origination charges, discount points, non-discounted interest rate, interest rate, loan term, non-amortizing features, prepayment penalty, qualified mortgage, first draw information
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Identifiers (Universal Loan Identifier, Mortgage Loan Originator Identifier)
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Clarification and Revisions to Existing Data pointsinclude reporting the reasons for denial, occupancy type, lien priority, rate spread, HOEPA status, Loan Type, Loan amount
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Technical changes and web-based data submission
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Privacy concerns about the public availability of the data
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Increased oversight will be required to prove that the data is accurate.
BONUS - HMDA TOOLKIT
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HMDA Worksheets & Flowchart
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Comparison of the current rules to the proposed rules
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Step by step data collection definitions and important tips to avoid mistakes.
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Helpful HMDA compliance resources including checklists and a matrix of 37 types of real estate secured lending regulation requirements
Logistics
- 90 minutes (Travel Free) delivered over the Internet.
Unlimited listeners per connection - bring the entire department.
Q&A session with the expert.
Special Feature: If you register for this webinar and cannot attend, you will be able to access a one-time instant replay without charge for up to 90 days after the date of the webinar.
This event will be presented live with a PowerPoint presentation to be viewed on your computer. You may listen to the audio of the webinar by telephone or through your computer. The PowerPoint slides will be provided shortly before the event. Once you register, you will receive an email which is your receipt and which includes your instructions for dialing in and logging on. You will also receive an email reminder 24 hours before the webinar.
What is a webinar?
A webinar is a live Internet based seminar. Webinars are a way for participants in many different locations to see and hear a presentation and view PowerPoint slides. You can also have your colleagues attend the webinar using one connection.
What kind of equipment do I need?
You will need a computer with an Internet connection (high speed service such as DSL or cable works best) and a telephone. You may listen to the webinar through your computer speakers, in which case you will not need to use a telephone connection. Internet access is not required for phone-only participants, but you will not be able to see the speaker’s slides.
How can I share the webinar with my colleagues who may not be able to attend the event?
CDs of each program will be available for sale and can be shared with your business associates.
Can I get a copy of the PowerPoint slides used in the webinar?
The PowerPoint slides will be available on the materials page link in the confirmation email that will be sent to you no later than the morning of the day a webinar is presented.
How do I ask a question during the webinar? Will my question be answered during the presentation?
A question and answer session will be scheduled at the end of each webinar. You can then ask a question by typing it into the question box that will be provided to you duringthe webinar. You may also ask a question through the telephone connection. As many questions as possible will be answered during the Question and Answer period.