The CFPB has posted its second webinar in its series designed to get you ready for the 2018 HMDA changes. This one covers “Identifiers”, including those for the entity/institution (Legal Entity Identifier/LEI); application/loan (Universal Loan Identifier/ULI); property (State, county, and census tract information); and Originator (NMLSR ID). It also discusses data points related to applicants and borrowers, such as application and action taken dates, and the collection of applicants’ ethnicity, race, and sex.
The webinar gets into some useful details. For example, if the applicant provides some demographic information, but also indicates that they don’t want to provide it, you report what the applicant provided on an application taken by mail, phone or internet. Of course, there are a number of different scenarios that one can come up with, which is one of the reasons we’ve put together a webinar on just the Demographic Information. So, be sure to join us on March 16, 2017.
The CFPB webinar also discusses reporting credit scores, income, application channels, automated underwriting systems, Debt-to-Income and Loan-to-Value ratios. Granted, you probably just got your 2016 data submitted, so the last thing you probably feel like doing is starting in on 2018, but it really will be here before you know it!