Whether you're an industry veteran or just starting out, the 2018 regulatory changes offer many different challenges to compliance officers. QuestSoft has developed a free webinar series to help clear up the confusion and help set up companies for success.
Part 1: Something HMDA This Way Comes
At a training event in Austin, Texas in 2016, representatives from the CFPB estimated there would be a forty percent increase in the total number of transactions under the expanded CFPB HMDA data collection and submission requirements. Simply put… We’ve Never Done HMDA This Way Before.
Part 2: Creating Ironclad CRA Assessment Areas
Community Reinvestment Act (CRA) Examinations seem to be placing a higher emphasis not only on the Low Moderate income focus of your organization but also on how you determine your lending areas through assessment areas. While many institutions understand technical guidelines, such as no “donut holes”, the retail banking landscape is constantly changing with branch closings, mergers and demographic shifts requiring more attention.
Part 3: The Regulation Where Everybody Knows Your Name
For the last decade fair lending compliance has meant monitoring your HMDA for patterns of irregularities and digging deeper with a “HMDA Plus” file to examiners, or more data for a comprehensive internal analysis. Since community groups lacked this extra data, all they could do was make a calculated guess of a fair lending disparity. Bottom line is you always knew in advance if there might be a fair lending problem based on the request for specific additional data.
Part 4: Report Card: Everyone's Ready for HMDA...Right?
With only a short amount of time left until the new CFPB HMDA regulations go into effect, it seems that every loan origination software (LOS) is touting their readiness to support the regulation’s enhanced data requirements. But it wasn’t that long ago that we heard the same assurances from vendors concerning the CFPB Know Before You Owe regulation or what most of us call TRID.
Part 5: Lending Compliance in the Digital World
[Delayed until November]
So what does a compliance officer do when the vast majority of the actionable compliance occurs in the first 30 minutes of a loan application created over a cell phone? Can or will the fair lending issues created today by loan officer requests for competitive pricing concessions or intentional errant data entered just so an application be moved to the next step be handled by pre-programmed accept/deny algorithms?