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#2105600 - 11/02/16 12:12 PM
2017 HMDA Process Changes
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10K Club
Joined: Dec 2000
Posts: 21,293
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The HMDA process is changing in 2017 and it affects all HMDA reporters, not just those using the FFIEC software (which is going away after the 2016 submissions). I am presenting a webinar for BOL on November 17th going over the changes in detail and what you need to think about and do to prepare. Registration Link You can read a quick overview of the changes in this article.
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#2106188 - 11/07/16 03:32 PM
Re: 2017 HMDA Process Changes
Kathleen O. Blanchard
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Platinum Poster
Joined: Jan 2006
Posts: 642
Missouri
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My head is spinning on a Monday morning considering all of this. Long and short of 2017 data collection is that we collect the same data we are today but have to report it differently, yes? Or am I losing my marbles and there's more changing in 2017 before the massive 2018 change?
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Born once? Die twice. Born twice? DIE ONCE!
Loan Review, HMDA, ALLL
Opinions are my own and do not reflect any others
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#2106194 - 11/07/16 03:55 PM
Re: 2017 HMDA Process Changes
Kathleen O. Blanchard
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Diamond Poster
Joined: May 2011
Posts: 1,987
Idaho
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The only other change is the institutional coverage. The volume test has changed from 1 purchase (or refi of purchase) to 25.
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All opinions are my own, not my employer's
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#2106199 - 11/07/16 04:17 PM
Re: 2017 HMDA Process Changes
Kathleen O. Blanchard
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Diamond Poster
Joined: Dec 2013
Posts: 1,399
CA
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Correct - the main change will be the new reporting process (2017 data reported in 2018). Hooray Monday!
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The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.
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#2106201 - 11/07/16 04:19 PM
Re: 2017 HMDA Process Changes
Kathleen O. Blanchard
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Platinum Poster
Joined: Jan 2006
Posts: 642
Missouri
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Thanks. Anyone got the inside line on powerball numbers to retire before this hits?
_________________________
Born once? Die twice. Born twice? DIE ONCE!
Loan Review, HMDA, ALLL
Opinions are my own and do not reflect any others
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#2106205 - 11/07/16 04:30 PM
Re: 2017 HMDA Process Changes
Kathleen O. Blanchard
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Diamond Poster
Joined: May 2011
Posts: 1,987
Idaho
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The more complex HMDA becomes, the better my job security is. HMDA specialists are in high demand right now and I don't see that slowing down anytime soon.
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All opinions are my own, not my employer's
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#2106207 - 11/07/16 04:34 PM
Re: 2017 HMDA Process Changes
TMatt87
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Platinum Poster
Joined: Jan 2006
Posts: 642
Missouri
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The more complex HMDA becomes, the better my job security is. HMDA specialists are in high demand right now and I don't see that slowing down anytime soon. Incredibly true, but the more headaches for us in implementation. I've seen several comments about this being a favorite reg and I'm in that camp...just trying to break down the regulatory changes for my shop is a headache with everything else going on.
_________________________
Born once? Die twice. Born twice? DIE ONCE!
Loan Review, HMDA, ALLL
Opinions are my own and do not reflect any others
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#2106337 - 11/08/16 03:38 PM
Re: 2017 HMDA Process Changes
Kathleen O. Blanchard
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Gold Star
Joined: Jun 2010
Posts: 257
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Nice article Kathleen B.
One item I wanted to raise that I haven't seen discussed here is applications received in 2017, but on which final action is taken on or after 1/1/2018. Don't banks need to collect (and ultimately including in their 2018 reporting) the new expanded HMDA data set prior to 1/1/2018 in that example? That's more than just a process change in 2017, it is also a very real technical change, no?
_________________________
My opinion, take it for what its worth. Opinions expressed are my own and not those of my employer and are not legal advice.
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#2106348 - 11/08/16 04:11 PM
Re: 2017 HMDA Process Changes
Kathleen O. Blanchard
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Gold Star
Joined: Jun 2010
Posts: 257
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Great, thanks Kathleen - I just wanted to make sure I wasn't missing something as some of the comments above in this thread seem to suggest there is nothing but the change to the institutional coverage test occurring in 2017. Obviously that's not the only pitfall to watch out for.
Thanks again.
_________________________
My opinion, take it for what its worth. Opinions expressed are my own and not those of my employer and are not legal advice.
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#2113217 - 01/05/17 08:26 PM
Re: 2017 HMDA Process Changes
Kathleen O. Blanchard
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Platinum Poster
Joined: Sep 2007
Posts: 937
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Any ideas on how this new process will be monitored for input accuracy at point of entry on loan platforms? This process and data collection seems overly complicated and lends itself to enormous input errors leading to a great many edits. Is there a costs/benefits analysis of collecting this data for the public? Seems to me about the time we begin to understand the "how to" somebody comes along and thinks they have to change it.
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