New HMDA data collection requirements will most likely be issued this year, although the final scope and details, along with a date for when the regulations will go into effect, are still unknown. The extent of additional data collection fields required, and the changes in types of loans that will need to be reported, will be significant. Meeting these new requirements will be much easier if you have a strong HMDA Compliance foundation in place now.
About the Author: Rebecca Escario
Rebecca is a Senior Consultant for ADI with expertise in HMDA compliance, BSA/AML compliance, Fair Lending compliance, and other financial regulatory compliance areas. You can contact Rebecca at rescario@adiconsulting.com or 703-574-7316.