Death, taxes and HMDA reporting requirements — as the government shutdown grinds on, few things remain as constant as these three absolutes.
But a few things have changed since you last submitted your mortgage data for the Home Mortgage Disclosure Act (HMDA) to the Consumer Financial Protection Bureau. Time will tell if these changes have made things better, worse or just more complicated, but credit unions subject to the requirements should pay close attention.
We’ve already discussed requirement changes for 2018 data as compared to years past. In many cases the new data fields are designed to catch errors in the making, and new processes have automated the agency’s error response capabilities. PolicyWorks is happy to help you with a review of and recommendations for filling out the electronic forms.
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