The CFPB has started off the new year by releasing and updating their
For those needing assistance with formatting HMDA data, a 2017 LAR Formatting Tool has been released to help create an electronic file that can be submitted to the HMDA Platform. This tool was developed to help those that have a lower volume of HMDA applications and don’t have a another way of getting HMDA data into the proper (pipe delimited text) file format, such as through your Loan Origination Software (LOS), Excel, etc. If you have a solution through your LOS, a different vendor, or are using Excel to create a file, this CFPB formatting tool isn’t necessary. If you’re looking for a solution, read through the Instructions before downloading the tool.
The Technology Preview page has also been updated. This page includes information on the HMDA Platform, including the submission, resubmission, and edit processes; as well as information on other tools. The CFPB also plans to make a File Format Verification Tool available early this year so that you can confirm your data is formatted correctly.
There is also additional information on the required file type and how to save or modify data in the updated FAQs.
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!