Fair Lending Challenges for HMDA Data Rule Changes: Expanded Data Fields & Lending Practices

Many financial institutions are completing the last review of the 2017 HMDA data that must be submitted by March 1, 2018. Remember “simple HMDA” when there were only 26 data fields? The new rules became effective January 1, 2018, and the expanded fields combined with the additional loan types being reported, means that regulators will be able to do a more comprehensive fair-lending analysis in minutes, not months.

Lenders who previously did not have fair-lending issues, because of their size or satisfactory compliance exams, may face significant challenges when public data is released under the new disclosure rules.* In addition to giving regulators more fair lending data, the public release of HMDA data also allows more in-depth scrutiny from community organizations. Attend this session to learn important tips for analyzing the HMDA data reported for 2017 activity and the impact of the new data collected in 2018.

*The CFPB announced a proposal on September 20, 2017, regarding the specific loan-level data that will become available to the public in 2019, including modifications to protect consumer privacy. The CFPB proposed to exclude certain data fields, such as the property address and borrower’s credit score, and disclosing age as a range rather than a specific number.

Continuing Education:   Attendance verification for CE credits upon request

This informative session is designed for experienced or new compliance officers, fair lending specialists, auditors, lenders, loan operations staff, risk managers, and senior management.