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To get an understanding of how lenders are promoting access to fair credit and serving the community housing needs in the housing industry, the Home Mortgage Disclosure Act (HMDA), for almost 40 years, has asked lenders to provide the public and the regulatory agencies with the information regarding mortgage loans and applications for those loans. As the Dodd-Frank Act amended HMDA, the amount of data which the lenders were required to report was significantly increased. The Consumer Financial Protection Bureau (CFPB) seized upon the opportunity to implement those data updates as well as assess other ways to reduce unnecessary burden on lenders, improve data collection and reporting process and improve the data.
The CFPB is specifically urging the lenders to report not only the new Dodd-Frank data, but also other data points that the CFPB believes are essential in carrying out HMDA's purposes. The CFPB is also changing the tests for finding out which transactions and lenders are covered under HMDA. The latest rules will also change the reporting frequency for lenders with huge numbers of reported transactions.
So, what's new with HMDA? Everything! And this session with expert speaker Kris D. Kully will run through all the upcoming changes.
In this program, you'll learn about:
Every new data elements lenders will be required to collect and report. Will all the new data lead to more (or less) scrutiny from fair lending enforcement agencies? Will the agencies be able to collect all the sensitive information?
Every new tests for determining which depository institutions and other lenders must collect and report HMDA data for 2017, 2018 and beyond
Every type of loans that need to be reported
When the new changes and requirements will come into effect
The program will include a set of slides that will provide the relevant information to support further work in this area.
Who Should Attend
Companies providing mortgage loans, including depository and nondepository 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.