All in HMDA

HMDA Refinance vs Cash Out Refinance

Adam Witmer
HMDA

One of the biggest challenges that came with the January 1, 2018 HMDA changes relates to the difference between a refinance and a cash-out refinance.  On the surface, it would not seem to be that difficult but the specifics can actually get quite complicated. Therefore, it is imperative that each HMDA reporter fully understand the difference between a cash out refinance and a refinance.

HMDA Partial Exemption Resources

HMDA Partial Exemption Resources

Adam Witmer
HMDA

In this atypical Compliance Clip (video), Adam explains why those who qualify for the HMDA partial exemption will probably want to use it as quickly as possible. He also manages to relate one of his most embarrassing stories to HMDA.

Reporting the HMDA Purpose for an Interest Buyout

Adam Witmer
HMDA

For years, HMDA has caused all kinds of headaches.  In fact, the acronym “HMDA” itself could just as easily stand for Head Migraine Day Again.  The reason for this, of course, is that HMDA is an infinitely detailed rule, but the rules don’t address every situation which often leaves those responsible stuck between a rock and a hard place, which I commonly refer to as the “gray area” of HMDA.  One area that seems to be in this category relates to how an interest buyout should be reported for HMDA purposes. This article attempts to break down the HMDA purpose reporting requirements for “interest buyout” loans.

Demographic Information for HMDA & Regulation B

Demographic Information for HMDA & Regulation B

Adam Witmer
HMDA, Regulation B

What's the difference between government monitoring information and demographic information? This Compliance Clip (video) explains the differences in information collection under Regulation B and HMDA while also explaining when a bank must comply with one rule or the other for collecting information. In an attempt to make things easier to understand, Adam provides a number of common exemptions for collecting the GMI/DI information.

Predictions on How HMDA for Small Reporters Will Work

Adam Witmer
HMDA, Regulatory Update

It’s never a good idea to “guess” how a new law will be incorporated into a regulation, but I have received quite a few questions regarding how small HMDA reporters will report HMDA data once the CFPB finalizes the changes required by the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018.  Therefore, I want to share my understanding of what I think is going to happen, though you should know full well that this is (mostly) just speculation until changes to Regulation C become final.

Regulatory Reform Guidance for HMDA Reporters

Adam Witmer
Regulatory Update, HMDA

On July 5, 2018, three of the regulatory agencies issued statements on how the new regulatory reform law (S. 2155) will affect certain HMDA reporters.  Each statement is substantially similar and gives an overview of how the Economic Growth, Regulatory Relief, and Consumer Protection Act amends the Home Mortgage Disclosures Act.  Each statement was substantially similar and essentially has three parts.

What is an Acceptable HMDA Error Rate?

Adam Witmer
HMDA

Have you ever wondered what is an acceptable HMDA error rate for your financial institution’s HMDA LAR?  You know, how many errors can you have before the regulators would make you scrub your data and resubmit your entire LAR?  Well, understanding the HMDA resubmission standards is fairly easy now, though that hasn’t always been the case. This in-depth article takes a deep dive into examiner error rate thresholds, which is especially important right now as financial institutions need to ensure that they are effectively complying with the HMDA changes that went into effect during the beginning of 2018.

HMDA Relief for Community Banks and Credit Unions

Adam Witmer
HMDA, Regulatory Update

After passing through Congress on Tuesday, President Trump today signed into law S.2155, known as the Economic Growth, Regulatory Relief, and Consumer Protection Act.   This banking reform bill, introduced by Idaho Sen. Mike Crapo in November of 2017, does a number of things to undo the burdens placed on smaller financial institutions by the Dodd-Frank Act. One of those things relates to the new fields that were required under the Home Mortgage Disclosure Act (HMDA) beginning on January 1, 2018.

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