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There are significant changes for HMDA coverage and new data fields beginning January 1, 2018. However, financial institutions will still operate under the existing rules for the 2017 data reported by March 1, 2018. The rules for reporting the data haven’t changed, however, the method for validating and submitting the data has changed significantly. Financial institutions must address all edits prior to submitting the data collected in 2017. The web-based edit report provided by the CFPB’s HMDA platform will address syntactical, validity, quality, and macro-quality edits.
Regulators can assess civil money penalties and require institutions to scrub and resubmit data for HMDA reporting errors. How can these penalties and headaches be avoided? What does your HMDA data tell the regulators and the community about potential fair lending issues?
Join us for a webinar on Thursday, January 4, from 3:00 p.m. to 4:30 p.m., as we cover the basic requirements for accurate 2017 HMDA data collection and provide an overview of the technical reporting requirements. Learn how to use tools that will streamline your efforts, find potential reporting errors, and identify fair lending red flags.
After participating in this webinar, attendees will receive: HMDA worksheets and flowchart for 2017 activity; step-by-step data collection definitions and important tips to avoid mistakes; HMDA compliance resources, including checklists for submission and fair lending; employee training log; and a quiz you can administer to measure staff learning and a separate answer key.
This webinar is offered through the League's partnership with the CU Webinar Network. For more information or to register, please click here.