Have you ever felt like you need an academy to understand the requirements of the Home Mortgage Disclosure Act? Some sort of HMDA University?
Well, you are not alone.
Having reviewed thousands of HMDA files and conducted many seminars and training sessions on HMDA, I finally came to the belief that HMDA has a three year learning curve. Basically, my observation was that it took at least three years of doing HMDA for someone to fully grasp it and essentially graduate from the academy, so to speak.
But that was before 2018 which brought major changes to HMDA.
You see, the challenge with understanding HMDA is two-fold. First, the rules are extremely complex. Tedious, in fact. To fully understand them, you must know the regulation, the commentary, the CFPB implementation guide, and the preamble to the rule. But not just one preamble, the preamble to the 2014 HMDA proposal, the 2015 HMDA final rule, and the 2017 HMDA amendment final rule. And so on...
Secondly, HMDA rules just don't address every scenario or situation you might encounter. In fact, there really isn't a good text book available to help you on your HMDA journey and good HMDA instructors are few and far between.
No wonder you might feel like you need some sort of HMDA degree to graduate your confidence.
I totally get it.
For this reason, I have chosen to make HMDA one of the regular topics I discuss here at Compliance Cohort. It is my goal to break down HMDA into bite sized pieces so that you can study HMDA at your own pace, when it works best for you.
This site is not technically some sort of HMDA university or an academy of sorts, but I think that you will find many great (free) resources on this site to help you learn and master HMDA. In time, it is my goal for you to feel empowered enough to have an imaginary HMDA degree that has graduated your confidence to a whole new level.
Welcome to the Compliance Cohort, and best of luck on conquering HMDA.