HMDA Plus will significantly change methods for determining the scope of loans to be reported. Currently, HMDA rules apply to home purchase, refinance and home improvement, but the new rules shift the determination from a purpose test to a dwelling secured test.
Likely the most widely known and most daunting aspects of the new HMDA ruling are the reporting requirements, and the new and modified data fields now required as reportable. The new rule more than doubles the number of required data fields reported on the HMDA loan application register (LAR) from 23 to 48, with some data points even involving multiple data fields. The new data points include several that were identified in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), in addition to the data points added under the bureau’s discretionary authority.
This Boot Camp is designed to help you understand how the changes within HMDA affect your daily responsibilities. We will discuss:
(1) identifying an effective training approach;
(2) data integrity pitfalls; and
(3) building an effective HMDA Compliance Audit Program.
Troy W. Garris
Partner at Weiner Brodsky Kider PC, focuses on regulatory compliance and transactional work. In regulatory compliance, Troy represents mortgage originators, servicers, and related companies in all areas of mortgage lending including: conducting CFPB mock audits; Advising on federal and state law, including Dodd-Frank, RESPA, TILA, E-Sign, FCRA, CAN-SPAM, Fair Lending, privacy and similar laws; developing compliance policies and procedures, and compliance management systems; counseling on the requirements of FHA, VA, Fannie Mae, Freddie Mac and private investors; and representing companies in proceedings before regulatory agencies, including HUD, FHA, federal and state banking examiners, and insurance commissions.
Leslie Watson, CRCM and CCBCO
Leslie is a Director in the Central Region Business Advisory Services practice of Grant Thornton LLP with a focus on the financial services industry. Leslie has 17 years of experience in banking and mortgage services. Most of which she has provided oversight of Compliance Management Systems including Fair Lending. Prior to joining Grant Thornton, Leslie was Vice President of Compliance at PrimeLending, a PlainsCapital Company. Prior to that, Leslie spent 12 years at ViewPoint Bank in various management and operational roles.
Zac Taylor, CISA and CRMA
Zac Taylor is an Experienced Manager is the Advisory Services practice of Grant Thornton LLP. Zac has over eight years of experience providing clients with various attestation and consultative services. He has a broad range of industry expertise and has provided professional services to Fortune 500 and publicly traded companies, as well as privately held organizations of all sizes. As a member of Grant Thornton’s Central Region Technology Consulting Group he is responsible for developing and implementing technology solutions for clients and developing thought leadership, training, tools/templates, and guidance to the personnel within Grant Thornton that execute these engagements.
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