As you are probably already aware, the 2018 HMDA rules is going to implement some major changes. Did you know that certain types of loans NOT currently covered/reported in 2017 will need to be tracked and counted when determining whether you meet the 2018 HMDA test?! What?! In other words, you need to know what will be covered and excluded in 2018 so you know what types of loans to track in 2017.
For example, under today’s rules, you don’t collect or report on consumer purpose home equity loans. In 2018; however, you will. If a loan is secured by a dwelling, is made for consumer purposes and is not to purchase, improve or refinance a dwelling, you will report it has a home equity loan for HMDA. On the other hand, you must NOT report any non-dwelling secured home equity loans. Additionally, you will be required to report dwelling-secured, lines of credit if you meet certain criteria.
Join us for our 2018 HMDA Coverage & Data webinar on May 4, 2017, where we will teach you, in plain English, what’s covered, what’s not, and what data you will be required to collect/report. NOW is the time to begin preparing for 2018 HMDA.