"Whoever makes the credit decision is responsible for reporting under HMDA"
. . . Right? Wrong?
Generally speaking, the above statement is correct, but there is a major exception that has cost some banks dearly in the past 3 years!
We have seen mistakes made by a number of banks who relied on mortgage brokers in the last 3 years. The wrong party was reporting the transactions and, when undergoing a CRA performance review by the examiners, were ordered to refile their HMDA LAR's for the past 3 years because a very large percentage of mortgage applications were affected! CMP's were threatened, exams delayed and nerves frayed by the shock of the experience.
GeoDataVision's Webinar "Filing a Mistake-free HMDA LAR" will cover this issue and other important topics. Other critical and confusing topics to be explained:
- What is the critical dividing line before and after the credit decision?
- What is a "Pre-Approval Program"?
- Do I include the income of a guarantor for the mortgage as well as the applicant's income?
Learn how to avoid the mistakes made by many bankers and have peace of mind on your filing date this year. Attend the GeoDataVision Filing a Mistake-free HMDA LAR Webinar and get a special bonus - the GeoDataVision HMDA Data Entry Guide that will help you answer those tricky questions that trip many bankers and you can make it a valuable part of your HMDA LAR procedures too!
Filing a Mistake-free HMDA LAR
Are You Ready for your annual HMDA Data Submission?
Get ready for your HMDA LAR filing and "Do it Right the First Time" by participating in GeoDataVision's Filing a Mistake-free HMDA LAR Webinar This 90 minute web seminar focuses on the data entry and reporting requirements of HMDA.
Since the Federal Reserve Board completed revisions to Regulation C in 2004 data integrity has received an increased emphasis during compliance exams. Regulators have reported significant error rates in the data reported for 2004 through 2008. Penalties may be imposed for such errors. This program reviews the common problems and the correct answers when determining what loans to report and what codes to enter in the HMDA LAR.
Among the many topics covered:
- Are reverse mortgages reportable under HMDA?
- In broker loan transactions, who is responsible to report the application?
- In “mixed-use” properties, how do you decide if the mortgage is HMDA-reportable?
- What is the correct “occupancy code” for mortgages to a “non-natural person”?
