4 Lessons Learned From 2017 HMDA Submissions
Mar 29, 2018, by Brian ArnesenEvery year, thousands of institutions submit their HMDA data to the CFPB. While many errors can be fixed by scrubbing your data on a regularly basis, there are always a few surprises during submission time. With a new CFPB HMDA submission platform, 2017 submissions were challenging. In fact, QuestSoft facilitated 70% more HMDA submissions this year.
6 Common CRA Assessment Area Mistakes to Avoid
Mar 5, 2018, by Brian ArnesenOne of the most important factors in a CRA exam is your assessment area. Your assessment area will dictate the performance standards you are measured against. Assessment areas can be optimized in a number of different ways, but there are 6 common mistakes you must avoid in order to pass your CRA exam and obtain a good rating.
The CFPB’s 3 New Goals and What They Mean for Your Institution
Feb 16, 2018, by Brian ArnesenOn February 12th, CFPB director Mick Mulvaney released his strategic plan for the next four years. The plan was composed of three main goals that outlined exactly how the CFPB would be conducting itself over the next four years.
7 Issues Reported with the New CFPB HMDA Platform and Tools
Jan 31, 2018, by Brian ArnesenWith the new HMDA rules in effect and the new CFPB HMDA Platform now accepting 2017 submissions, growing pains and hiccups are to be expected. The CFPB recently said that it would not assess penalties for errors in data collected in 2018 and it recognized that there were significant operational challenges needed to meet the requirements under the rule.
Mulvaney Takes the CFPB in a New Direction
Jan 29, 2018, by Brian ArnesenOn January 23, 2018, CFPB Director Mick Mulvaney sent out a memo to all staff at the CFPB that redefined the mission and purpose of the agency. That memo, which was leaked and published by ProPublica, stated that the CFPB would cease being a regulator that “pushed the envelope” through its enforcement actions and would instead serve everyone it works for.
3 Popular Ways Borrowers Falsify Income and Employment
Jan 23, 2018, by Brian ArnesenWe’ve come a long way since the 2008 financial crisis. The phenomena of NINJA and stated income loans has died off. The current state of mind for every mortgage investor is VERIFY, VERIFY, VERIFY! People want to know exactly what they’re invested in, and verifying income & assets is an extremely important part of that.
What Do Tax Season and HMDA Reporting Have in Common?
Jan 23, 2018, by Brian ArnesenThe short answer is everyone waits until the last minute to submit their files. For example, “In 2015, 21.5 million Americans or 1 in 7 filers waited until the last week before the deadline to file their tax returns,” according to the IRS. Historically (based on our volume of support calls) a large percentage of HMDA filers also wait to submit their HMDA data until the last two weeks of February.
Why Your CRA Story Matters
Dec 29, 2017, by Brian ArnesenWhether you are a large bank with assets of $1 billion or a small bank, your Community Reinvestment Act (CRA) story matters. All state member and nonmember banks, national banks, and saving associations that meet or exceed the asset size thresholds as defined by the FFIEC for both of the last two calendar years are subject to the data collection and reporting requirements of the Community Reinvestment Act. Even if you’re not a submitting bank, you still need to perform under the Act.
How to Use the New CFPB HMDA Platform
Dec 29, 2017, by Brian ArnesenAlthough the new CFPB HMDA rules can seem complex to navigate, the submission process is relatively straightforward, especially if you already use QuestSoft software. The new CFPB HMDA platform was released in beta on November 3, 2017 and allows for institutions to create accounts and test their HMDA data for errors. In 2018, more than 3,000 institutions will submit their data to the CFPB using the new submission platform.
3 Common Forms of Occupancy Fraud
Dec 28, 2017, by Brian ArnesenIn the mortgage industry, there are countless different forms of fraud ranging from the seemingly innocent omissions, to large scale market manipulation. One of the more common forms of deceit, which may seem like just a white-lie, is occupancy fraud.