The CFPB has announced changes to its Filing instructions guide for HMDA data collected in 2018.
The changes clarify:
- That leading zeros should not be used to make a field a certain number of characters; and,
- If using the Guaranteed Underwriting System (GUS), Code 16 (“Other”) may be used in reporting the results.
Updates were also made to a couple of the validity edit codes.
We’ve updated our HMDA Data Guide (Version 1.2) to reflect that Code 16 (“Other”) is a valid option when using the GUS (#2 above). It is now available in our free Lending Tools.
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!