Skip to content

Don't rush to drop the expanded HMDA fields!

Question: 
Can we stop completing the new fields immediately? Senior management is asking if we can just stop now.
Answer: 

I do not recommend stopping right away. We don't know yet if this will be effective for 2018 reporting or will the change go into effect January 1, 2019. There are also other questions about how some fields will be affected by the change. For example, the ULI field would go away, but the application number field would have to be reactivated. Similarly, the property type field was removed but the latest revision eliminates the fields that took its place (construction type, number of units, etc.)
-----------------------------
Learn more about Kathleen Blanchard’s webinar
What Is Happening With HMDA?

First published on 06/24/2018

Filed under: 
Filed under lending as: 

Search Topics