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Navigating GMI Compliance: Avoiding Penalties in HMDA Reporting
In light of recent news regarding Bank of America’s penalties for inaccurate reporting under the Home Mortgage Disclosure Act (HMDA), it’s evident that precise reporting and adherence to HMDA regulations are paramount. Leveraging advanced HMDA analytical software empowers lenders to take proactive steps toward compliance and avoid similar pitfalls. The Significance of Government Monitoring Information…
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Ongoing Saga of Data Quality Challenges in DTI and HMDA Fields
It’s now been five years since the HMDA reporting requirements were dramatically expanded in 2018, and, in my assessment, there continue to be substantial data quality concerns. In this blog, I will focus specifically on one field, the debt-to-income (DTI) ratio, which seems to be a source of perpetual headaches for reporting institutions. What are…
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Top 5 HMDA Blogs from ComplianceTech
Maintaining Your HMDA Data Accuracy to Avoid Penalties When it comes to your client’s data, your main priority should rightly be keeping it secure from any third parties. However, when the time comes to deliver the data and you have accidentally omitted a piece of information, it can have serious consequences for you and your…
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How LendingPatterns™ helps you make sense of HMDA
HMDA data is both a recurring concern and a useful tool for financial institutions. Banks, credit unions, and independent mortgage companies have to submit HMDA every year or risk the penalties so that all of this data can then be viewable to the public and can paint a useful picture of the overall market. ComplianceTech…
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Maintaining Your HMDA Data Accuracy to Avoid Penalties
When it comes to your client’s data, your main priority should rightly be keeping it secure from any third parties. However, when the time comes to deliver the data and you have accidentally omitted a piece of information, it can have serious consequences for you and your business. Here is a brief update about…
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5 Ways to Use HMDA Data in a Non-Fair Lending Context
I have always been shocked by the reluctance of lenders to use HMDA data for reasons other than fair lending. Too often, mentioning the four letters, H M D A, causes heartburn among lenders. This is understandable because HMDA is associated with compliance, regulation, race, and lawsuits. HMDA data are a blessing to the mortgage…
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LendingPatterns™ Updated with 2020 HMDA Snapshot
The 2020 HMDA Snapshot LARs released by CFPB on June 17, 2021, are now available in LendingPatterns™. LendingPatterns™ is a web-based data mining and analytical tool that uses public and private Home Mortgage Disclosure Act (HMDA) data to analyze loan applications for every lender required to report HMDA data. The web-based tool now contains 16 years of…
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Profile of a Millennial Mortgage Loan Applicant
Finally, we can take the guess work out of describing the mortgage loan preferences of millennials. With the expanded 2018 HMDA data fields, we can analyze lending by the applicant’s age. This not only gives us a chance to better describe the typical millennial applicant, but we can also compare them to all other age…
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Six HMDA Analyses You Never Thought Possible
I made a list of six intriguing analyses that can be done with the public 2018 HMDA data. Possibilities are almost endless. Affordability Analysis You can find where the borrowers are who can afford homes above a particular threshold (e.g., $1 million) using debt-to-income ratios, combined loan-to-value (CLTV) ratios, annual incomes, and appraised value. For…