RegAlert

HMDA Alert

HMDA Preapproval Modification and 2018 HMDA Reporting

There has been a slight modification as to what is considered to be a reportable request under the new HMDA rules. It still must be reported whether a loan or application involved a request for preapproval for a home purchase loan under the financial institution’s preapproval program. Under the Read More

Loan Purpose Has Slight Modification For 2018 HMDA Rules

There is a slight modification when it comes to reporting the Loan Purpose under the new HMDA rules. It still must be reported whether the loan was a Home Purchase, Home Improvement or Refinancing. Two additional data points have been added and that is for “other” and for Cash-Out Read More

One HMDA Data Point That Won’t Change Is The Loan Type

The loan type is one of the data points that will not undergo any changes under the new HMDA regulation. This information can be found on the application and the reporting process is very straightforward. If the loan is not insured by anyone, then it would be considered a Conventional loan and Code Read More

HMDA Alert

Consistency Is Key To HMDA Reporting Of Application Date

Under the new HMDA regulations that will take full effect in 2018, the Application Date is one of the HMDA reporting data points that will not change. Your financial institution will either report the date that the application was received or the date that is listed on the initial loan application. Read More