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Event Name:New HMDA Legislation: Preparing For Change - 2-Part Webinar Series
Date:Thursday, February 23, 2017 11:00am CST
Presented By:BankersHub
Panelist(s) Info: Lisa Zigo Managing Partner, Co-Founder Sterling Compliance LLC
Credits:3.0 CPE Credits

Part 1: Thursday, February 23, 2017 11:00am - 12:30pm CT

Understanding and Preparing for Drastic Changes Ahead

This is the first in a two-part series covering substantially expanded data collection and reporting under the 2015 HMDA Rule. In this session we present an overview of the revised reporting triggers, new and modified data fields, new methods for submitting your HMDA LAR and look at the radically different Uniform Residential Loan Application that we will begin using in January 2018. We will also discuss steps you should be taking now to ensure your institution is ready flip the switch on January 1, 2018.

It’s later than you think! The sweeping changes coming with the new HMDA rule will require a great deal of deliberate planning, training and development of procedural documentation, as well as communications with software vendors. HMDA error thresholds are likely to remain razor thin and the Rule’s nearly 800 pages of text will present significant challenges. Understanding how to collect and report the new data required around mortgage applications is crucial. Various stakeholders in your institution (loan officers, originators, processors, underwriters, closers, Compliance Officers) will need to be involved throughout all phases of implementation of the new rule. Commercial lenders and loan operations will also be impacted and should participate in planning and training initiatives.

Learning Objectives:

  • Institutional coverage triggers (asset-size, location, loan activity, and federally related tests and loan volume threshold)
  • Thresholds that trigger reporting of closed-end loans and open-end lines of credit and how these are separate and distinct
  • Types of transactions covered under the new rule
  • Business, Ag and Construction loans – what is reportable and what is not
  • What new data points must be collected and reported and how some data fields under the current rule are being modified
  • What the new URLA means for your application process and when you will begin using it
  • Transitional Considerations: What data you may need to begin collecting in advance of January 1, 2018 for applications taken in late 2017
  • New submission format and process for the HMDA LAR
  • What steps you need to take to proactively plan and prepare for implementation and ongoing data integrity monitoring
  • How the new rule benefits your internal Fair Lending assessments

Part 2: Thursday, March 7, 2017 11:00am - 12:30pm CT

Dissecting the Data

This is the second in a two-part series covering substantially expanded data collection and reporting under the 2015 HMDA Rule.  In this session we delve into the specifics of the many new and modified data points required under the new rule.

The new HMDA rule substantially increased the amount of data we have to collect and the degree of difficulty involved in properly reporting it.  The 2015 HMDA Rule changed the types of financial institutions and the types of transactions that are subject to Reg C, as well as the processes for reporting and disclosing HMDA data.  In Part 1 of our series, we discussed what those changes are and how to prepare for them.  This webinar provides a more in-depth look at each of the new and modified data points and explains many of the complexities surrounding how each is to be reported on the HMDA LAR.

Learning Objectives:

  • What is an LEI (Legal Entity Identifier) and does our institution have one? If not, how do we get it?
  • How the required ULI (Uniform Loan Identifier) is established for each reportable transaction
  • What information you need to collect about the applicants and how it is reported
  • How and when to collect and report expanded GMI data
  • Understanding the new waterfall “purpose” hierarchy
  • What information you need to collect and document about the property being financed and how it is reported
  • How to differentiate property types
  • What details about the transaction must be defined and reported, including pricing, loan terms, prepayment penalties and other loan features
  • What data is reported for purchased loans and which fields will be “NA” ”