Compliance Action, Volume 22, Number 14/15
Pursuant to numerous industry requests for much-needed interpretation, the DOD has provided some clarification on the Military Lending Act (MLA).
With HMDA data used for a variety of important purposes, validating the accuracy of HMDA data will remain a key element of regulators' supervisory activities in the coming year.
Under the new HMDA data collection rules, a HMDA-reporter must identify any Automated Underwriting Systems (AUS) used to evaluate applications.
The new HMDA data collection rules will also require a HMDA-reporter to identify the name of any AUS used to evaluate the application and the AUS result(s), regardless of whether the AUS result(s) was used in its underwriting process.
In the Editor's Opinion
A Lesson in Giving Back
During this most wonderful time of the year for giving, consider how you can give back through your time and efforts...and compliance with federals laws and regulations.
Beginning in January, there are two major categories of property information to be collected under the new HMDA data collection regulations. We've provided a chart with some helpful hints for single property address and location.
In line with the new data collection regulations, we have provided some additional hints for compiling the property address and property location for multiple properties.
The new HMDA data set contains important information detailing the cost of credit to your Financial Institution's applicants and borrowers.
Compliance Q & A
The CFPB and FFIEC have released some helpful HMDA tools and resources.
- Patti Blenden
- Executive Editor:
- Lucy H. Griffin, Esq.
- Board of Advisors:
- John S. Byrne, Esq.
Cliff E. Cook
Julia A. Gliha, MBA
Michael D. Maher
Carl G. Pry
Robert G. Rowe, III, Esq.