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#2131031 - 05/18/17 08:45 PM Hot Off the Press
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HMDA

   
HMDA Academy
#2131032 - 05/18/17 08:46 PM Re: Hot Off the Press TryingtoComply
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http://www.aba.com/Advocacy/Documents/HM...5598.1482277304

I can never get the hyperlink feature to work. frown
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#2131034 - 05/18/17 08:50 PM Re: Hot Off the Press TryingtoComply
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Love this recommendation:

"ABA believes that all commercial loans should be excluded from coverage. This
would be consistent with other statutes, such as the Truth-in-Lending Act and the
Real Estate Settlement Procedures Act. Excluding commercial loans would avoid
confusion and uncertainty and would streamline and make the process more efficient,
consistent with the purposes of HMDA, allowing for a better focus on the realization
of HMDA’s purposes."

Of course, I would rather see the whole thing repealed!!!
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#2131038 - 05/18/17 08:58 PM Re: Hot Off the Press TryingtoComply
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I like it...and pretty much agree with every word of it.
Last edited by raitchjay; 05/18/17 09:04 PM.
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#2131071 - 05/19/17 01:21 PM Re: Hot Off the Press TryingtoComply
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::applause::

Totally and whole-heartedly agree.

And boy oh boy, if they would get rid of some of those data points that compromise privacy as well as commercial loans...I'd be one happy camper. Commercial, even rental properties, is not really relevant to the real intent of HMDA. I'd be willing to say that if commercial was totally removed, our LAR would be about 1/3 of what it is right now.
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#2131072 - 05/19/17 01:23 PM Re: Hot Off the Press TryingtoComply
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out of the frying pan...
Agreed.
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#2131076 - 05/19/17 01:27 PM Re: Hot Off the Press TryingtoComply
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I'd like to see loans not in an MSA removed too....it can't be that large a percentage of loans nationally, but for me, it would remove 80% of the loans from my LAR.
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#2131077 - 05/19/17 01:28 PM Re: Hot Off the Press TryingtoComply
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And since one of the kickers for having to report at all is having a branch in an MSA....it only makes sense to only report MSA loans.
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#2131239 - 05/19/17 08:53 PM Re: Hot Off the Press TryingtoComply
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State of confusion
I am in that same situation - if non MSA loans were removed it would knock out 60% of my report. But then I suppose if you eliminate the non MSA areas you would be removing a good chunk of low income as well at least in my area.
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#2131250 - 05/19/17 09:31 PM Re: Hot Off the Press TryingtoComply
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Yes, but think of all the banks that don't have a branch in an MSA--they aren't HMDA reporters. None of the loans they make in those rural, non-MSA areas get on any LAR, and the government seems fine with that....why do they need to see your bank and my bank's non-MSA loans? What is so special about our non-MSA loans?
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#2131321 - 05/22/17 04:14 PM Re: Hot Off the Press TryingtoComply
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State of confusion
I am totally in agreement - I think they shouldn't be in there at all. I see why that would be an issue for THEM because they say it would take out so many of of the reported loans, but agree with you - why do they care about my non MSA loans if those loans wouldn't be reported if not for my one MSA branch.

Plus, we aren't even required to report the Census information if not in an MSA - so what good does it do them anyway? All mine go in as N/A.
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#2131348 - 05/22/17 05:36 PM Re: Hot Off the Press TryingtoComply
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OK
I'd say the vast majority of home loans in non-MSA's aren't currently reported--i would think most of them are originated by non-HMDA banks--so again, why do they need to see the 2% or 8% or whatever the figure is of non-MSA home loans that are originated by HMDA banks? If those loans are so important, why aren't they trying to capture the lost 90%?
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#2131350 - 05/22/17 05:41 PM Re: Hot Off the Press TryingtoComply
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out of the frying pan...
I think they just like making us explain every year why such a high percentage of our loans are in "MSA - NA." smirk
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#2131351 - 05/22/17 05:44 PM Re: Hot Off the Press TryingtoComply
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Haha....it isn't a huge deal to me under current HMDA (you know....normal, not insane HMDA).....if you're going to create Dr. Frankenstein HMDA--then we need some good sense relief for loans in Podunkville.
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#2131353 - 05/22/17 05:45 PM Re: Hot Off the Press TryingtoComply
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out of the frying pan...
FRANKENHMDA! I love it! laugh
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#2131354 - 05/22/17 05:48 PM Re: Hot Off the Press TryingtoComply
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OK
smile
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#2131485 - 05/23/17 03:08 PM Re: Hot Off the Press raitchjay
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Just reading the ABA Whitepaper on HMDA and came across a new word (for me) and I love the way it is used because of the double entendre:
"While the addition of new data points may provide a more fulsome picture of the mortgage markets,...."

Fulsome - as an adjective has the following meanings:

1.offensive to good taste, especially as being excessive; overdone or gross:
fulsome praise that embarrassed her deeply; fulsome décor.

2.disgusting; sickening; repulsive:
a table heaped with fulsome mounds of greasy foods.

3.excessively or insincerely lavish:
fulsome admiration.

4.encompassing all aspects; comprehensive:
a fulsome survey of the political situation in Central America.

5.abundant or copious.

Of particular glee to me is how the meaning that will likely be read in is #4, however the first definition is, imho, so much more appropriate.
Yea...I'm a word geek. I just love how they slipped that in.

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#2131498 - 05/23/17 03:44 PM Re: Hot Off the Press TryingtoComply
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It's gotten to be a rather popular word lately. I've seen it more than once now.
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#2131847 - 05/25/17 02:56 AM Re: Hot Off the Press TryingtoComply
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Right up there with "bifurcated". smile
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#2131914 - 05/25/17 03:19 PM Re: Hot Off the Press TryingtoComply
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It's not the word. It's the use of the word in that particular context and the vastly different ways that sentence would read if you used definition #1 vs #4. I happen to know some wordsmiths, editors, and the like, and it would be just like them to slip a word in that has a double entendre just to see if anybody got it.

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#2131932 - 05/25/17 04:19 PM Re: Hot Off the Press TryingtoComply
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I've been waging a personal crusade to eliminate using the word fulsome within my workplace. Why use a word that can have a contradictory meaning when there are any number of more precise words that won't?

Alas, I'm clearly losing the battle.

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#2132140 - 05/26/17 04:19 PM Re: Hot Off the Press TryingtoComply
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I wish this would have come out before I read the dang proposal. mad I should have known better!!
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#2132162 - 05/26/17 05:03 PM Re: Hot Off the Press TryingtoComply
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I'm now going to incorporate fulsome into my vocabulary hahaha
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#2132163 - 05/26/17 05:03 PM Re: Hot Off the Press TryingtoComply
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now* smile
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