Preparing for New HMDA Data Collection and Reporting Requirements.
The Dodd-Frank Act amended the Home Mortgage Disclosure Act (HMDA) to significantly increase the amount of data that lenders must report. The Consumer Financial Protection Bureau (CFPB) seized upon the opportunity under the Dodd-Frank Act to significantly increase the amount of data that lenders must report; changed the tests for determining which lenders and transactions are covered under HMDA; and changed the reporting frequency for lenders with large numbers of reported transactions.
Essentially, everything about HMDA is new and different, and the data collection and reporting deadlines will be here before you know it!
In this session, expert speaker Kris D. Kully will run through all the upcoming changes, and highlight what you should be doing now to prepare!
Every new data elements that lenders will be required to collect and report
All the new tests for determining which depository institutions and other lenders must collect and report HMDA data, for 2017, 2018, and beyond
The various types of loans which needs to be reported
Effective dates for all the new changes and requirements
Whether all the new data is likely to lead to more or less scrutiny from fair lending enforcement agencies, particularly under the new Trump Administration?
The latest news from the CFPB about the specifics for reporting the new data
Who Should Attend?
Companies providing mortgage loans including depository and non-depository lenders
Kris Kully is a partner in Mayer Brown's Washington DC office and a member of the Consumer Financial Services group. She advises clients on federal and state regulatory compliance matters affecting providers of consumer financial products and services, including licensing and substantive practic...
Disclaimer: The content herein does not represent any association between CFPB and Eli Financial LLC. CFPB neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.