HMDA Halftime Report

Last year, vendors and mortgage companies worked hard to be ready for the big game. Millions of dollars were spend beefing up systems, training staff, and asking questions of the powerful referee, the Consumer Financial Protection Bureau (then known as the CFPB), to ensure the tough new rules with three times the data requirements could and would be followed.

Steve Butler: HMDA Not the Only Compliance Concern For Mortgage Lenders in 2018

Q: Beyond adjusting to the new HMDA reporting requirements, what will be the most important compliance issues mortgage lenders face in the coming year?

Steve Butler: While many are relieved that the initial date for the last of the major CFPB regulations, HMDA, has now passed, we feel that HMDA changes are far from over. So, continuing issues with HMDA, the volatility at the CFPB, and digital mortgages are going to produce the most pressing new compliance issues.

MBA: What is the most important issue facing your company right now?

LEONARD RYAN, QUESTSOFT: As the premiere HMDA solution provider to the industry, our most important issue through 2018 will be implementation of the new HMDA rules. We are working closely with over 40 vendors as well as the CFPB, to ensure that our customers are easily able to make the transition to the new expanded HDMA dataset. We released a 2018 testing module a year in advance to our 2200+ customers who are providing valuable feedback. This is the biggest change to HDMA since 1975 and we are at the forefront of helping our industry prepare.