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#10451 - 02/14/02 06:53 PM Mortg Corp & HMDA
Anonymous
Unregistered

We are a bank and recently started a Mortgage Corp. Do we need to send two different HMDA reports? And, is it typical that for the bank compliance officer to be responsible for the mortgage corp compliance?

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General Discussion
#10452 - 02/14/02 08:23 PM Re: Mortg Corp & HMDA
Rangers Fan Offline
Gold Star
Rangers Fan
Joined: Dec 2001
Posts: 345
I think we are in the same boat as you are. We are taking the stance that you will be responsible for making sure they are in compliance, but obviously you want an operating agreement to remind them that they are responsible for complying with everything. It will be up to you to make sure they do. On the HMDA issue, we are going through the first full year of their operation and they were logging everything the old way, and they were used to recording and reporting like a mortgage company (to HUD instead of FDIC), not as a subsidiary of the bank. They were unaware of this until we were doing our CRA audit, hence the need for your compliance people to be involved in the mortgage company's activities, much to your delight.

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#10453 - 02/14/02 09:13 PM Re: Mortg Corp & HMDA
Anonymous
Unregistered

Thanks for your quick response. I'd like to have all the departments sign an agreement.
heehee :rollingeyes

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#10454 - 02/14/02 09:14 PM Re: Mortg Corp & HMDA
Anonymous
Unregistered

OOPS!
:rolleyes

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#10455 - 02/14/02 09:17 PM Re: Mortg Corp & HMDA
BankerMama Offline
Diamond Poster
BankerMama
Joined: Jun 2001
Posts: 1,543
We had a seperate Mortgage Co. and had to file two HMDA reports........then that company became part of the bank and no longer seperate and then we filed one HMDA report.


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#10456 - 02/15/02 03:52 PM Re: Mortg Corp & HMDA
Rangers Fan Offline
Gold Star
Rangers Fan
Joined: Dec 2001
Posts: 345
Left one item out yesterday-our mort co. does report on their own to FDIC (as they should) with their respondent ID # (not ours) and then we report the info we gather here for the bank under our ID#.

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#10457 - 02/15/02 04:31 PM Re: Mortg Corp & HMDA
Anonymous
Unregistered

We also have a Mortgage Company and they report their HMDA separate from the Bank.

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