HERE COMES HMDA
We’re just about halfway through 2017, and with the constant waves of
negative headlines and partisan bickering dominating the news cycle, no
one would probably blame you for urging on the end of the year. Unfor-
tunately, 2018 promises to bring continued challenges for the mortgage
industry as the new year brings with it the implementation of most of the
Home Mortgage Disclosure Act’s (HMDA) updated provisions. Bully for you
if your organization is ready—I’d like to think our humble publication had
something to do with that. If, however, you’re not 100 percent prepared
(and you certainly aren’t alone), you won’t want to skip a word of this issue.
There are a great many facets to explore when it comes to HMDA, not the least of which is the
technology issue, which we address in this edition with two features: First, from Burton Embry
and Cassie Wayman, we have “Plugging into the New HMDA Requirements,” a detailed look
at the range of questions you should be asking of your software and processes, from ensuring
proper documentation to working across multiple lines of business. That’s joined by Ben Wu’s
“Keep Calm and Compliance On,” which addresses reporting in new areas, including HELOCs,
and how to best ensure consistency in lending. Offering additional perspectives, Martha Svoboda examines the added challenge of fair lending analysis (another hot topic for this year, as
voiced by many of our readers, and one we’ll certainly be addressing again), while Paula Witt
talks enterprise risk. Rounding out the issue is Lisa Klika, who contributed her own roadmap
to HMDA implementation—certainly a lifesaver for those who feel like they’re drowning in the
stormy sea of compliance changes.
And of course, we’re always happy to showcase our expert columnists, Bob Niemi and Mike
Taliefero, as well as our panel of compliance experts, who are ready and eager to take on your
It’s been a long year so far, no question. Still, I’d advise you not to take this time for granted.
Come January 1, you may wish 2017 had lasted a few more months.
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