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|Event Name:||New HMDA Legislation: Preparing For Change - 2-Part Webinar Series|
|Date:||Thursday, February 23, 2017 11:00am CST|
|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.
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.