The 2018 HMDA Changes are right around the corner! While this will greatly impact your residential lending departments, have you thought about how it might affect your commercial lenders? In general, you will be required to report all home purchase, home improvement and refinancings that are secured by a dwelling. Whether they are for consumer purposes or business purpose doesn’t matter. Home equity loans secured by a dwelling, on the other hand, are only reported if they are for consumer purposes. There are also a lot of exceptions. For instance, you don’t report loans primarily for agricultural purposes or business purpose home equity loans. Business purpose loans/lines are also exempt from several of the data reporting fields. For example, origination charges, total loan costs, rate spread, etc., to name a few.
Want more information? Join us on September 14, 2017, for our 2018 HMDA Commercial Lender Essentials webinar where we will focus on the HMDA changes entirely from a commercial lender’s point of view.
Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager.
Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelor’s Degree in Business Administration, and is a graduate of the ABA Compliance School.
Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!