How should you begin to prepare for these sweeping changes? HMDA reporters must follow the new rules for applications when final action is taken on or after January 1, 2018. MOST of the required information for consumer loans comes from the FNMA 1003 application. A redesigned URLA (Uniform Residential Loan Application) form was released August 23, 2016 and may not be used until January 1, 2018. While the reporting process may be more streamlined in the secondary market area, there will be significant changes requiring extensive training and internal controls for not only traditional mortgages but other types of applications. The “dwelling secured” standard was generally adopted for closed-end loans and lines of credit. What type of application form should be used for a line of credit to consolidate debt that is secured by a dwelling? What if the collateral is a “mixed use” property? How will your employees know when the applicant and co-applicant should be asked to identify their ethnicity, race, and sex? Do you collect any information for additional co-applicants or guarantors?
Will the application forms you are currently using provide all the required fields for the new reporting requirements?
There are approximately 81+ “working days” from this presentation until January 1, 2018. There are very few parts of the existing rules that will remain unchanged and there are 110 data elements in the new rule. Will you be ready for these extensive changes? Attend this session and learn more about application processing for consumer loans under the new rules and gain valuable tips that will help your bank prepare for 2018.
Who Should Attend?
This informative session is designed for lenders, personal bankers, loan assistants and processors, loan operations staff, compliance officers, fair lending officers, IT staff, and auditors.
If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.