HMDA Alert

HMDA – Action Taken

We are now almost two months into the new HMDA regulation and there have been several questions as to reporting the action taken. Specifically, when to report an application as being withdrawn or file being closed for incompleteness. While this data point existed under the old HMDA regulation, it Read More

Discretionary Post-Closing Quality Control Requirements

In addition to random samples, Fannie Mae and Freddie Mac require discretionary and/or target reviews for post closing quality control.  Fannie Mae requires a monthly discretionary sample in addition to a lender’s random sample. This discretionary review should focus on loans with a higher Read More

HMDA Alert

Reverse Mortgage, Open-End Line of Credit, or Business or Commercial Purpose

There are certain transaction indicators that will have to be reported as part of your HMDA data now that it is 2018. The new HMDA regulation added three new data points that will provide more information as to the terms of the loan application. These are if the application is for a reverse Read More

HMDA Alert

Automated Underwriting System (AUS) Requirements

Now that it is 2018, financial institutions will have to report the name of the Automated Underwriting System (AUS) and the results that were generated as part of their HMDA data. This data point allows a financial institution to not only use the already well established AUSs, but to also report if Read More