HMDA: WHAT S TO COME Temenos USA, Inc. All rights reserved. Leah M. Hamilton Chief Compliance Officer TriComply Services
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1 HMDA: WHAT S TO COME 2015 Temenos USA, Inc. All rights reserved. Leah M. Hamilton Chief Compliance Officer TriComply Services
2 WHAT YOU WILL LEARN Overview of proposed changes A quick run down Other proposed changes You mean there is more? What do these changes mean to you? Data collection Tools to get you started 2
3 WHERE DO WE STAND? Is the wait over? If final rule published by March 31, 2016, earliest possible effective date is January 1, 2017 Minimum 9-month implementation period Data submission under new rule earliest date March 1,
4 OVERVIEW OF PROPOSED CHANGES Change reporting threshold for all financial institutions Make 25 or more loans in calendar year required to report Change transactions subject to reporting Include all home-secured loans Include HELOCs, reverse mortgages and business LOCs Exempt home improvement loans not secured by a dwelling Require certain large institutions to file reports quarterly Report at least 75,000 loans annually Align HMDA data points with other industry data points Mortgage Industry Standards Maintenance Organization (MISMO) Change submission of HMDA-LAR info Web-based data submission 4
5 OVERVIEW OF NEW INFORMATION TO BE COLLECTED Applicant/borrower information Age, credit score, debt-to-income ratio, reasons for denial, application channel and automated underwriting system results Property information Construction method, property value, lien priority, number of individual dwelling units in the property and information about manufactured and multifamily housing Loan features Pricing information, loan term, interest rate, introductory rate period, non-amortizing features and type of loan Unique identifiers Such as loan identifier, property address, loan originator identifier and legal entity identifier 5
6 KEY INDUSTRY CONCERN Privacy Masked data may not be sufficient So many personal data fields to release to the public age property address debt-to-income credit score mortgage interest rate 6
7 OTHER PROPOSED CHANGES Loan purpose ALL dwelling secured Covered Loan Open and closed end mortgages HELOCs, LOCs, reverse mortgages Dwelling Clarify when dwelling no longer used as a residence No RVs or houseboats, even if located in US region that considers them homes Mobile homes will only be referred to as manufactured homes (consistent with HUD) 5 or more residential units in a mixed use property = residential regardless of allocations for commercial/residential 7
8 OTHER PROPOSED CHANGES Financial institution Non-depository Home or branch office in MSA Originated at least (25) closed-end, covered loans Depository institution $43 million in assets (adjusted annually) Home or branch in MSA Originated at least (1) home purchase or refinance secured by a first lien on a 1-4 dwelling Federally insured or regulated Originated at least (25) closed-end, covered loans 8
9 OTHER PROPOSED CHANGES Home improvement loan Must be secured by a dwelling No more unsecured home improvement loans Home purchase loans Assumptions with written agreement that lender accepts as new borrower obligated on the loan Manufactured home References to mobile home will go away Consistent with HUD definition 9
10 OTHER PROPOSED CHANGES Multifamily dwellings New definition - 5 or more individual dwelling units Additional information will also be required Open-end credit New definition based on Regulation Z Applies regardless of consumer or commercial borrower or loan purpose All HELOCs and dwelling secured commercial LOCs Refinancing Not limited to prior purchase refinance One dwelling secured loan satisfying and replacing another dwelling secured loan Modifications without satisfaction would not be HMDA reportable 10
11 OTHER PROPOSED CHANGES Reverse mortgage Currently reportable if home purchase, home improvement or refinancing Optional if LOC Mandatory inclusion Use definition under Regulation Z Temporary financing Designed to be replaced by permanent financing Except construction loan > 2 years is not temporary Unimproved land Vacant land under RESPA is deemed a lien secured by unimproved land under HMDA 11
12 WHAT DO THESE CHANGES MEAN TO YOU Small banks Finally a break! Costs Changes to your software systems Training Time Data collection Data verification/scrub More room for error More data = more potential for mistakes Resubmissions HMDA Violations Fair Lending Violations Public Enforcement Orders 12
13 DATA COLLECTION Create a HMDA Worksheet (Handout) List each data field required to be inputted Record the information to be inputted in the exact form it is to be inputted (e.g. Purpose of Loan 1; Action Taken 3; Reasons for Denial 3) Attach any copies from FFIEC Calculator or FFIEC Geocoding (or other vendor) Benefits Inputting Accountability 13
14 DATA COLLECTION: HMDA WORKSHEET # 14
15 DATA COLLECTION Create a HMDA Data Source Worksheet (Handout) What are your actual source documents for each data element that must be captured for HMDA reporting? For example: Residential mortgage loan, you use the 1003; GMI information is located on page 4 of 5 Next, add a column to indicate what source documents have the correct (and consistent) information Complete this for each type of application Residential Mortgage Loans: 1003, GMI, Page 4 of 5 Commercial loans: separate GMI form 15
16 HMDA DATASOURCE WORKSHEET # 16
17 DATA COLLECTION Key factors to address in procedures Who collects the data? When is it collected? Where is it stored? How will it be captured electronically? Benefits Minimize errors Consistency Examiners Training 17
18 DATA COLLECTION When you downloaded your materials, there was also (1) editable Excel worksheet file for your convenience HMDA_Excel.xls (filename in downloads) You will have (5) tabs (one HMDA data worksheet and four examples of DataSource Worksheets) HMDA_NewData DSWks_Consumer DSWks_Commercial DSWks_Residential DSWks_Business Banking 18
19 Questions?
HOW MUCH DO YOU AGONIZE
Compliance is Everyone s responsibility every day! HOW MUCH DO YOU AGONIZE OVER HMDA? Speaker: Leah M. Hamilton, Director TriComply About the Speaker 2 Leah M. Hamilton, JD Director of TriComply Services
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