HMDA reporters must follow the new rules for covered loan applications when final action is taken on or after January 1, 2018. While the focus of the changes has been on mortgages, there are significant changes for other types of applications. The dwelling-secured standard was generally adopted for closed-end loans and lines of credit for consumers. Under the new rules, HELOC reporting is required, within threshold limits. It’s imperative to know what information must be collected during a HELOC application.
Business or commercial loans have both the loan-purpose test and the dwelling-secured test. How will data be collected? What type of business-purpose loans will be reported? What factors are considered in the purpose test? What if the collateral is a mixed-use property? Will the current consumer application forms for HELOCs and the documentation for commercial loan applications provide data for the new reporting requirements? This must-attend webinar will address these key questions and much more!
Attendance verification for CE credits provided upon request.
Who Should Attend?
This informative session is designed for consumer lenders who assist applicants with HELOC applications, commercial lenders, loan assistants and processors, loan operations staff, compliance officers, auditors, IT staff, and anyone who needs to understand the 2018 HMDA rules.
If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.