HMDA data provides significant insight into your competition. With 85 public data fields, institutions can better understand their competition overall and evaluate individual competitor’s lending practices to identify potential opportunities. Dive into the data and discover . . .

The TILA-RESPA Integrated Disclosure, rule known as TRID, was created to better inform borrowers about mortgage costs before their closing date. The rule requires timely and accurate delivery of the Loan Estimate (LE) and Closing Disclosure (CD) forms to borrowers, which helps to highlight the differences between the estimated and closing amounts. The initial implementation of the rule required vendors to make significant changes to their systems and continues to challenge some lenders due to the technical nature of the rule. Recently, the Federal Reserve published its observations of common TRID violations it has found in its latest Consumer Compliance Outlook document.

Unfortunately, fraud continues to grow in the mortgage industry year over year. While we've already covered 5 common types of mortgage fraud schemes, one type continues to grow in the number of occurrences: Wire fraud is estimated to cost $30 to $50 billion annually (Source) and its complexity continues to make it difficult to curtail.

2019 was the year all lenders finally got to experience the pleasure of submitting all the new data points required under the CFPB's expanded HMDA data collection and reporting requirements. This process was not without incident, but the lessons learned this year will help lenders better prepare for next year.

On February 5th, thirteen Democratic Senators introduced a bill to reinstate the Dodd-Frank reporting requirements that were rolled back by the Economic Growth, Regulatory Relief, and Consumer Protection Act—also known as S.2155. Most notably, this new bill would require banks or credit unions that make more than 25 mortgage loans a year or 100 home equity lines of credit to report detailed loan characteristics that they were previously exempt from reporting, such as interest rates, points, and fees, loan terms as well as borrower characteristics like credit score and ethnicity. The bill would also require banks and credit unions to report a unique loan identifier on all loans.

As internet connectivity reaches all-time highs and 5G networks are becoming a reality, it is no surprise that businesses in every industry are adopting new technologies to stay ahead of the game. This digital disruption even affects mortgage lending and compliance. From more agile loan origination systems, to speedier and more effective compliance software, technology is helping borrowers and lenders rapidly reduce their loan closing times.

The following are questions submitted by attendees of QuestSoft’s HMDA Filing Update Webinar held on January 8 and 9, 2019. Answers are provided by Leonard Ryan, President of QuestSoft, and Loretta Kirkwood, Vice President of Compliance for QuestSoft.

Over the past few years, the mortgage industry has seen a significant amount of change. From sky-high origination and refinancing volumes, to a hyper-regulated environment -- and now rising affordability costs -- every year brings new challenges. While it can be hard to predict the future; by analyzing current trends, lenders can better prepare for the year ahead.

During the last two weeks of February, our support department receives an enormous amount of calls from lenders who need help or have questions about submitting their HMDA data to the CFPB. With the new HMDA rules in effect — and with lenders now submitting three times the amount of data — we anticipate that there will be some road bumps along the way. As a result, we have compiled some helpful tips for lenders to make sure March 1st is just another day.

On December 21, 2018, the CFPB announced a final policy guidance about modifications to public HMDA data to protect consumers’ privacy. The Bureau will modify the public loan-level HMDA data to exclude: