Be sure to JOIN US on January 19, 2021, for our webinar, “HMDA: Are You Ready to Submit Your 2020 HMDA Data?”.
On January 1st, the CFPB opened the filing period for 2020 HMDA data so it’s time to begin the preparations to submit your data. When it comes to many compliance requirements, you can prove compliance by simply demonstrating your process. For instance, there are certain disclosures that aren’t required to be signed by the customer and/or do not have specific retention requirements. How do you prove you gave those disclosures? Maybe your software automatically prints them, maybe you notate when the disclosure was given on a loan checklist, etc. These all help demonstrate your process. When it comes to reporting/submitting your HMDA data; however, you want to be a little more precise in your “proof”.
Listen to David explain more
Find all about HMDA – https://www.bankerscompliance.com/regulations-we-cover/home-mortgage-disclosure-act/