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!
Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients.
Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!