he HMDA mixed-use property test has slightly changed with the new 2018 rules.  Some of what we knew before still applies, but there are definitely some new difference.  Specifically, the mixed-use property test is now a two step process where you must first look at the primary use of a property and then make sure the loan does not have a purpose of home improvement.  First, you must determine if...

There has been some question regarding how to report whether or not demographic information was collected based on a visual observation for applications that were not taken face to face.  Specifically, the question relates to the following field for each part of demographic information: “Collected on the Basis of Visual Observation or Surname.”

As is the case with new regulations, we are often left scratching our heads as to why a rule is done the way it is.  For those of you that are HMDA reporters, I’m sure you can relate with the 2018 changes that are now upon us.  In particular, one HMDA head scratcher is the new HMDA hierarchy for reporting the loan purpose.   This article explains why the CFPB made the change.