Institutions Will Report Prepayment Penalty Term In 2018

Come 2018, an institution will have to report the term of the prepayment penalty on their HMDA LAR. There are several instances where this data point should be reported as “not applicable”. This is when the application is not subject to Regulation Z, it is for a reverse mortgage, when it is a Read More

Regulatory Solutions Acquires Assets of Culp QC, Inc.

Birmingham, Ala. – Regulatory Solutions LLC is pleased to announce that it has acquired the assets of Culp QC, Inc., a provider of quality control, post closing audit services to the mortgage industry. This transaction will significantly increase Regulatory Solutions’ business as well as Read More

Property Value Must Be Reported Under 2018 HMDA Regulation

Under the 2018 HMDA regulation, the value of the property that is (or will be used) to secure the loan must be reported. This data point depends upon which value the institution uses to determine the loan-to-value ratio. If the institution relies on the appraisal for this determination, then the Read More

HMDA 2018 Regulation And Loan Term

Under the new HMDA regulation that will take effect in 2018, the term of the HMDA reportable loan must be entered on the HMDA LAR. This data point is relatively easy. A institution must report the number of months until the loan matures or terminates. If the loan does not have a definite term, like Read More