January 1, 2018: Big Changes to Regulation C, the Home Mortgage Disclosure Act’s (HMDA) Disclosure Regulation (MLB971C)

Find Out How the CFPB’s Final Rule Amendments to the HMDA Apply to Your Institution

Effective January 1, 2018, covered lenders must comply with the Consumer Financial Protection Bureau’s (CFPB) final rule that amends Regulation C, which implements the Home Mortgage Disclosure Act’s (HMDA) disclosure rules. The HMDA’s purpose is to provide the public with information about how effectively financial institutions serve the housing needs of communities by requiring depository and non-depository financial institutions to provide certain data. The rule revises the tests for determining which financial institutions and housing-related credit transactions HMDA covers. The final rule requires certain financial institutions to file data on home equity lines of credit (HELOCs) with the CFPB.

This session with financial services attorney Chrys Lemon will provide a detailed overview of the requirements that are effective January 1, 2018. If you’re a mortgage originator, you need to understand how the upcoming changes to the HMDA reporting requirements. Chrys will discuss which financial institutions and which credit transactions are covered, and he will review which loans will need to be itemized. You will get a review of “Reporting Not Applicable” provisions, as well as useful techniques and pitfalls to avoid.

Session Highlights

• Learn which financial institutions must provide data to CFPB in connection with which credit transactions
• A review of the CFPB’s Institutional Coverage Chart for 2018
• Learn which financial institutions are exempt
• Review reportable data for 2018 (new rule requirements)
• Receive an easy-to-use summary of the regulation and useful pointers
• Overview of techniques that may assist industry with compliance
• Review of recent CFPB proposal to increase the threshold for collecting and reporting data with respect to open-end lines of credit

Who Should Attend

Mortgage loan officers and compliance personnel/counsel who work with closed-end loans, open-end lines of credit, and reverse mortgages secured by dwellings