This course discusses the Home Mortgage Disclosure Act of 1975 including the amendments finalized in 2014, effective for January 1, 2018. This course dives deep into each aspect of the Act including institution coverage, covered loans, disclosure requirements, and filing. Data collection requirements are covered in detail, with an overview of all 48 data points and detailed information on the key areas of applicant information and collection, and action taken date. This course is intended for Compliance Officers, Loan Operations staff, and any other staff members who will need to know the ins and outs of the Act. This course is approximately 60 minutes in length.
- State the purpose of HMDA
- Identify whether or not your bank is a HMDA reporter
- Identify the transactions that are HMDA applicable
- Identify when to report covered loans
- Identify the modified and new data collection points
- Ensure compliance with disclosure requirements
o What is the purpose of HMDA?
- Institutional Coverage
o How to determine if your Financial Institution is required to collect, report, and disclose HMDA data beginning January 1, 2018
o Five tests: asset size, location, federally located, loan activity, loan volume
o What transactions are considered covered loans?
o Consumer purpose transactions
o Business purpose transactions
o What transactions are exempt?
o Application taken date vs. action taken date
o Reporting requirements for small volume Financial Institutions
o Reporting requirements for large volume Financial Institutions
o 48 data points
o Applicant Information (GMI)
o Ethnicity, race, sex
o Applications taken in person
o Applications taken by mail, internet or telephone
o Lobby signage with sample notice
o Annual disclosure statement with sample notice
o Modified LAR availaility with sample notice
Lenders and other staff who are involved in the loan application process.