HMDA: An Overview – ON-DEMAND WEBINARS

Date Recorded: May 12, 2022

Presenter: Anetria Connell, Vice President, FORVIS

A two-hour webinar focusing on HMDA’s requirements.

The Home Mortgage Disclosure Act, as implemented by Regulation C (12 CFR 1003), requires many financial institutions to collect and report loan information. This information helps show whether lenders are serving the housing needs of their communities, give information to the government that helps with decisions and policies, and can show potential discriminatory lending.

These rules can be broken down into three categories: one, which transactions are subject to reporting (coverage); two, when such transactions are required to be reported (applications/purchases), including the importance of Government Monitoring Information; and, three, what information is required to be reported (data points).

This webinar will provide an overview of HMDA’s requirements. We will review the basic requirements of HMDA reporting… from understanding the importance of the definitions, when a transaction will be exempted from reporting, what an application is and our requirement to request Government Monitoring Information, and finally the information we’re required to report.

HERE IS WHAT YOU WILL LEARN:

• Coverage:
  • Definition of dwelling
  • Closed-end versus open-end (including the open-end threshold)
  • Business purpose loans
  • Exemptions
• Importance of the “application”
  • Requesting GMI with the application
• Who reports
• What information to report, with a focus on the more difficult data points and which ones may be exempted, including:
  • Action taken
  • Credit score
  • Debt-to-income ratio