This course discusses the Home Mortgage Disclosure Act of 1975 including the amendments finalized in 2015, effective for January 1, 2018. The course provides learners with an overview of the entire Home Mortgage Disclosure Act with an in-depth look at loan application applicability and applicant information collection. The course is intended for lenders and other staff who are involved in the loan application process. The course is approximately 30 minutes in length.
- State the purpose of HMDA
- Identify the transactions that are HMDA applicable
- Identify the modified and new data collection points
- Recognize what applicant information to collect and when
o What is the purpose of HMDA?
o What Financial Institutions are required to comply with HMDA? Five tests
o Where must banks disclose information? Three areas
- Transactional Coverage
o What transactions are considered covered loans?
o Consumer purpose transactions
o Business purpose transactions
o What transactions are exempt?
o Action taken date
o 48 data points
o Data Point #2 – Universal Loan Identifier
o Data Point #5 – Loan Purpose
o Data Point #11 – Action Taken Date
o Data Points #16, #17 and #18 – Applicant Information (GMI)
o Ethnicity, race, sex
o Applications taken in person
o Applications taken by mail, internet or telephone
Lenders and other staff who are involved in the loan application process.