Quilty & Associates. May 8, 2013

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1 Quilty & Associates May 8, 2013

2 Discussion Points Significance of HMDA On the Horizon Survival Tips Hot Spots

3 Significance of HMDA HMDA Disclosure Requirements HMDA Poster must be displayed in the lobby of home office and each branch office Display in a prominent location

4 Significance of HMDA HMDA Disclosure Requirements Modified LAR must be made available to the public within 30 days for requests made after March 1 Must delete application number, application received date and action taken date to protect member privacy Modified LAR must be available for 3 years Staff should be aware of this

5 Significance of HMDA HMDA Disclosure Requirements FFIEC posts by institution, which comprises an institution s Disclosure Statement Disclosure statement must be made available to the public within 3 days of posting to the internet Must be available for 5 years

6 Significance of HMDA HMDA Outliers Regulators, economists, fair lending specialists analyze HMDA data Identify institutions with a greater risk of fair lending violations Institutions have unusually high disparities between majority and minority groups Institution is contacted to provide additional information, may result in fair lending review

7 Significance of HMDA HMDA Data is core of Fair Lending Exams Data must be reliable and validated Regulators follow clear HMDA Data Validation procedures Regulators follow clear HMDA Completeness Validation procedures Unreliable data results in mandated corrections, re-submissions and/or monetary penalties

8 Significance of HMDA Example of data validation procedures Sampling: Initial sampling of loan files If more than one error, sample is expanded Data Accuracy Thresholds: 10 percent file error rate 5 percent key data field error rate

9 Significance of HMDA Example of completeness validation procedures Test to make sure all HMDA reportable loans are included on the LAR 2% omission or 5% omission rates applied depending on the size of the LAR

10 Significance of HMDA HMDA: the Compliance Report Card HMDA data collection requirements from application through post-closing HMDA data integrity trends help identify compliance training needs overall ECOA Compliance = HMDA Compliance for many fields Quarterly review of LAR: perfect opportunity to monitor performance

11 On the Horizon Section 1094 of Dodd Frank amends HMDA and authorizes CFPB to issue regulations Data required the 1 st January 9 months after CFPB regulations are issued Additional data collection requirements and reporting requirements

12 On the Horizon Proposed Additional Data Collection: Borrower(s) age(s) Total points and fees paid at origination The difference between the loan's APR and a benchmark for all loans The term in months of any prepayment penalty The value of real property used or intended to be used as collateral The term in months for which any introductory rate applies Loans that have contractual terms that reflect other than fully amortizing loans The mortgage term in months

13 On the Horizon Proposed Additional Data Collection (continued): The applicant(s) or borrower(s) credit score(s) The application receipt channel (e.g., retail, broker, etc.) A unique identifier for the originator (possibly the originator's license number)* A universal loan identifier* A parcel number for the real property used or proposed as collateral* * New fields at the Board s discretion

14 HMDA Survival Tips 1. Evaluate employee with primary HMDA responsibility 2. Write detailed HMDA Procedures Each HMDA Field Each Lending Area 3. Review internal controls Use audit approach Use HMDA checklists in each loan file

15 HMDA Hot Spots Action Taken Type and Date: ECOA Notifications Definition of an Application Denied and Withdrawn Loans Government Monitoring Information

16 HMDA Hot Spots High error rate for non-made loans Non-compliance with Equal Credit Opportunity Act ( ECOA )/Regulation B Notification Requirements The wrong HMDA action taken type is assigned to the file There are lack of clear procedures for action taken date for each type of action taken

17 Wrong HMDA Action Taken Type is assigned HMDA Action Taken Type Codes Code 1: Loan Originated Code 2: Approved Not Accepted Code 3: Denied Code 4: Applicant Expressly Withdrew Code 5: File Closed for Incompleteness Code 6: Loan Purchased by Your Institution Code 7: Preapproval Request Denied Code 8: Preapproval Request Approved but not accepted (optional reporting)

18 Regulation B Section Notification Requirements (1) When notification is required. A creditor shall notify an applicant of action taken within: (i) 30 days after receiving a completed application concerning the creditor's approval of, counteroffer to, or adverse action on the application; (ii) 30 days after taking adverse action on an incomplete application, unless notice is provided in accordance with paragraph (c) of this section; (iii) 30 days after taking adverse action on an existing account; or (iv) 90 days after notifying the applicant of a counteroffer if the applicant does not expressly accept or use the credit offered.

19 Regulation B Section Notification Requirements (1) When notification is required. A creditor shall notify an applicant of action taken within: (i) 30 days after receiving a completed application concerning the creditor's approval of, counteroffer to, or adverse action on the application; (ii) 30 days after taking adverse action on an incomplete application, unless notice is provided in accordance with paragraph (c) of this section; (iii) 30 days after taking adverse action on an existing account; or (iv) 90 days after notifying the applicant of a counteroffer if the applicant does not expressly accept or use the credit offered.

20 Regulation B Section Notification Requirements Summary of Paragraph C: Incomplete Notice Choices within 30 days of application (notice this does not say completed application): 1. Deny the loan use incomplete loan as the reason 2. Send a Regulation B Incomplete Notice Use the Model Form for Incomplete Notice If correct procedure is followed, and the applicant does not provide information, no further notice is required

21 Appendix C Form C-6: Model Form for Incomplete Notice Creditor's name Address Telephone number Date Dear Applicant: Thank you for your application for credit. The following information is needed to make a decision on your application: We need to receive this information by (date). If we do not receive it by that date, we will regrettably be unable to give further consideration to your credit request. Sincerely,

22 Regulation B Incomplete Notice: Discussion Use a calendar date, not ASAP Specific Items must be listed, not a general statement please contact us for a list of what is needed Once the items are listed, the ECOA clock restarts, so document and manage receipt of the items Lenders can always issue additional incomplete notices if new conditions are triggered

23 Regulation B Section Notification Requirements (1) When notification is required. A creditor shall notify an applicant of action taken within: (i) 30 days after receiving a completed application concerning the creditor's approval of, counteroffer to, or adverse action on the application; (ii) 30 days after taking adverse action on an incomplete application, unless notice is provided in accordance with paragraph (c) of this section; (iii) 30 days after taking adverse action on an existing account; or (iv) 90 days after notifying the applicant of a counteroffer if the applicant does not expressly accept or use the credit offered.

24 ECOA Definition of Completed Application: An application in connection with which a creditor has received all the information that the creditor regularly obtains and considers in evaluating applications for the amount and type of credit requested (including, but not limited to, credit reports, any additional information requested from the applicant, and any approvals or reports by governmental agencies or other persons that are necessary to guarantee, insure, or provide security for the credit or collateral). The creditor shall exercise reasonable diligence in obtaining such information.

25 Official Staff Commentary: Definition of Completed Application: Completed application diligence requirement. The regulation defines a completed application in terms that give a creditor the latitude to establish its own information requirements. Nevertheless, the creditor must act with reasonable diligence to collect information needed to complete the application. For example, the creditor should request information from third parties, such as a credit report, promptly after receiving the application. If additional information is needed from the applicant, such as an address or a telephone number to verify employment, the creditor should contact the applicant promptly. (But see comment 9(a)(1)-3, which discusses the creditor's option to deny an application on the basis of incompleteness.)

26 Regulation B Section Notification Requirements (1) When notification is required. A creditor shall notify an applicant of action taken within: (i) 30 days after receiving a completed application concerning the creditor's approval of, counteroffer to, or adverse action on the application; (ii) 30 days after taking adverse action on an incomplete application, unless notice is provided in accordance with paragraph (c) of this section; (iii) 30 days after taking adverse action on an existing account; or (iv) 90 days after notifying the applicant of a counteroffer if the applicant does not expressly accept or use the credit offered.

27 Regulation B Section Notification Requirements Adverse Action? Regulation B Definition of Adverse Action: A refusal to grant credit in substantially the amount or on substantially the terms requested in an application. Are there any comments indicating the Bank was unable to provide financing for the original loan request? Examples of comments would be: Appraisal came in low, borrower did not want mortgage insurance so they withdrew the loan OR Tax returns did not support income, borrower withdrew loan.

28 Regulation B Section Notification Requirements Adverse Action? Were there ANY changes to the loan request at any point during the loan process? Include withdrawn and incomplete loans in second review process Look at every piece of paper in the file; especially any file or system notes

29 Regulation B Section Notification Requirements (1) When notification is required. A creditor shall notify an applicant of action taken within: (i) 30 days after receiving a completed application concerning the creditor's approval of, counteroffer to, or adverse action on the application; (ii) 30 days after taking adverse action on an incomplete application, unless notice is provided in accordance with paragraph (c) of this section; (iii) 30 days after taking adverse action on an existing account; or (iv) 90 days after notifying the applicant of a counteroffer if the applicant does not expressly accept or use the credit offered.

30 Regulation B Section Notification Requirements Counteroffer Choices 1. Issue Counteroffer and Adverse Action Notice at the same time Issue Loan Approval stating the original terms could not be granted, and setting forth the counteroffer terms Include the Notice of Adverse Action for the original request with the Loan Approval 2. Issue Counteroffer Only, and Adverse Action Notice only if required Issue Loan Approval stating the original terms could not be granted, and setting forth the counteroffer terms Issue Adverse Action Notice for the original request if counteroffer does not close within 90 days

31 Regulation B Section Notification Requirements Withdrawn loans No written lender notification is required if applicant withdraws within 30 days of application CAUTION: Date must be documented (can be , internal note) Applicant expressly withdraws, NOT LOAN OFFICER Do not use this action taken for applicants who do not proceed with the GFE unless the applicant expressly withdrew

32 ECOA Notification Requirements: Discussion How do you define completed application? Do you have written procedures for processing loans? Does your staff have a processing timeline they manage to? Do you actively manage your pipeline? Need consistency for every application: Fair Lending concerns!!!

33 ECOA Notification Requirements: Examples ECOA Problem? Yes or No? March 1: March 12: March 13: March 22: April 2 nd : Application is Received for a refinance Intent to Proceed and Check for Appraisal Received By Lender Lender Orders Appraisal and Sends Incomplete Notice for 401K statement, explanation of large deposit and 2010 business tax returns All incomplete items are received Appraisal Not Received Yet: Lender contacts appraiser for update

34 ECOA Notification Requirements: Examples Answer: What is lender s definition of complete application? Do they have clear written procedures in place? March 1: March 12: March 13: March 22: April 2 nd : Application is Received for a Refinance Intent to Proceed and Check for Appraisal Received By Lender Lender Orders Appraisal and Sends Incomplete Notice for 401K statement, explanation of large deposit and 2010 business tax returns All incomplete items are received Appraisal Not Received Yet: Lender contacts appraiser for update* *Appraisal required for loan to be considered complete. Lender is exercising (and should continue to exercise) due diligence in obtaining the appraisal. 30 day clock starts when loan is complete.

35 ECOA Notification Requirements: Examples ECOA Problem? Yes or No? March 1: March 4: April 10: Application is Received for a Purchase Welcome Letter, GFE/TIL sent Applicant does not proceed with loan. Lender withdraws in the system.

36 ECOA Notification Requirements: Examples ECOA Problem? Yes!!!!! March 1: March 4: April 10: Application is Received for a Purchase Welcome Letter, GFE/TIL sent Applicant does not proceed with loan. Lender withdraws in the system. Within 30 days of receipt of an application, the Lender is required to notify the applicant of denial or send a Reg. B compliant incomplete notice. No intent to proceed applications are NOT considered expressly withdrawn by the applicant under ECOA!

37 ECOA Notification Requirements: Examples ECOA Problem? Yes or No? March 1: March 4: March 21: Application is Received for a Purchase Welcome Letter, GFE/TIL sent Lender sends a Reg. B notice to the applicant, with the language Please contact us for additional information needed to process your loan

38 ECOA Notification Requirements: Examples ECOA Problem? Yes!!! March 1: March 4: March 21: Application is Received for a Purchase Welcome Letter, GFE/TIL sent Lender sends a Reg. B notice to the applicant, with the language Please contact us for additional information needed to process your loan The incomplete notice must specify the items needed from the applicants, general statements are not acceptable.

39 ECOA Notification Requirements: Examples ECOA Problem? Yes or No? March 1: March 4: March 21: March 22: April 15: April 25: April 30: Application is Received Welcome Letter, GFE/TIL sent Loan file is complete per lender definition Lender sends file to investor to be underwritten Investor turnaround time is slow: they need another 10 days Investor approves the loan with conditions Lender sends commitment letter to applicant

40 ECOA Notification Requirements: Examples ECOA Problem? Yes!!! March 1: March 4: March 21: March 22: April 15: April 25: April 30: Application is Received Welcome Letter, GFE/TIL sent Loan file is complete per lender definition Lender sends file to investor to be underwritten Investor turnaround time is slow: they need another 10 days Investor approves the loan with conditions Lender sends commitment letter to applicant 30 day deadline for NOTIFYING applicant is April 21 st. Notification did not go out until April 30 th. Lender is responsible for ECOA compliance: Slow Investor turnaround time does not relieve the Lender from responsibility

41 Wrong HMDA Action Taken Type is assigned HMDA Codes Code 1: Loan Originated Code 2: Approved Not Accepted Code 3: Denied Code 4: Applicant Expressly Withdrew Code 5: File Closed for Incompleteness Code 6: Loan Purchased by Your Institution Code 7: Preapproval Request Denied Code 8: Preapproval Request Approved but not accepted (optional reporting)

42 Code 2: Approved But Not Accepted Approved and was ready to close with no credit conditions outstanding. The only conditions outstanding were related to clear title and typical closing conditions. Use this reason if the loan was ready to close and the applicant either never responded or expressly withdrew the loan.

43 Code 3: Denial Look through every piece of paper in the file for Denial Clues Use this code for counteroffers that do not close o The terms of the original request are reported on the HMDA LAR, not the counteroffer terms!

44 Code 4: Application Withdrawn The borrower must EXPRESSLY withdraw This reason is NOT used for loans that have been approved and are ready to close.

45 Code 5: File Closed For Incompleteness The Notice of Incomplete Application was sent to the applicant requesting additional documentation and the applicant did not send in the items. The loan was approved by Underwriting with credit conditions outstanding. The applicant did not send in outstanding conditions.

46 HMDA Codes HMDA Code Does Not Apply/Cannot be Used HMDA Code May Apply/Can be Used Code 5: Incomplete NO YES NO Code 4: Expressly Withdrawn YES YES NO Code 3: Denied YES YES YES Code 2: Approved Not Accepted NO NO YES Hypothetical Example Of A Loan In Process Day 1 App. Rcvd. Day 14 Conditional Approval or Reg B Incomplete Notice is sent Day 20: All Credit Conditions Received; Loan is HMDA Approved Day 20+ Preparing for closing

47 Error Trend: Loan Amount is Wrong for Denied/Withdrawn Loans Unexplained loan amount changes 1/1/2010 RESPA Changes Counteroffer loans May result in different action taken type

48 Error Trend: Application Received Date is Not Supported In the File Is the date consistent with other application documents? Where there s smoke, there s fire. Consistent problems with documenting application received date may point to general lack of understanding Is it time for training: When does an inquiry become an application? Be consistent by application channel: internet, face to face, etc. Review procedures for each loan product

49 Definition of an Application Different Definitions of Application ECOA: Broad Definition, includes inquiries RESPA/TIL: Based on receipt of 6 data elements

50 Inquiry or Application ECOA: When is an Application an Application? Notification requirements are triggered at the time of "application," At what point does an inquiry become an application? A lender is encouraged to provide consumers with information about loan terms. However, if in giving information to the consumer the lender also evaluates information about the consumer, decides to decline the request, and communicates this to the consumer, the lender has treated the inquiry or prequalification request as an application and must then send a written Notice of Adverse Action.

51 Inquiry or Application Whether the inquiry becomes an application depends on how the lender responds to the applicant, not on what the applicant says or asks. For instance, the lender may treat the request as an inquiry if the lender evaluates specific information about the consumer and tells the consumer the loan amount, rate, and other terms of credit the consumer could qualify for under various loan programs, explaining the process the consumer must follow to submit a mortgage application and the information the lender will analyze in reaching a credit decision.

52 Inquiry or Application Examples: Inquiry or Application? Example #1: A consumer calls to ask about loan terms and an employee explains the lender's basic loan terms, such as interest rates, loan-to-value ratio, and debt-to-income ratio This is an Inquiry: The employee did not discourage the consumer from applying, and only provided information about loan terms.

53 Inquiry or Application Example #2: A loan officer obtains a preliminary credit report with the consumer s authorization to pre-qualify the consumer. The credit score is under 600 and the loan officer informs the consumer they would not qualify for any program. This is an Application and a Notice of Adverse Action is required.

54 Inquiry or Application Example #3: A consumer informs a loan officer: My credit score is 610, do you have any programs that I would qualify for?. The loan officer explains the basic credit score requirements for the different programs offered. The loan officer does not pull credit and tells the consumer they are welcome to apply. This is an Inquiry. The loan officer offered information about basic loan terms did not discourage the consumer from applying.

55 Definition of Application Real Estate Settlement Procedures Act ( RESPA ) Application Definition When the lender has: 1. Borrower s name 2. Borrower s monthly income 3. Borrower s Social Security number 4. Property address 5. Estimate of value of property 6. Loan amount Any other information deemed necessary

56 Definition of Application GFE/TIL required within three business days of receipt of application GFE not sent within 3 days is the same as not sending one at all Application date should be consistently documented in the loan files. Never send a GFE on a pre-approval!

57 Definition of Application Discussion Is the staff comfortable with the ECOA application definition? Which staff members regularly collect the information necessary to cross the Application Line? Has the Bank done any spot checks to see what the database of inquiries looks like? (because Regulators will!!) Are the application policies and procedures clear? Is the application-received date consistently documented in the files?

58 Definition of Application Remember these Points: ECOA Compliance starts with the first interaction with the consumer An inquiry can turn into an application under ECOA, triggering adverse action notice requirements! Provide fair and consistent treatment to consumers and applicants The Bank requires a pass through denial for inquiries where the credit report is pulled and credit score is below industry standards.

59 Error Trend: Loan Purpose Pecking order: Purchase, then home improvement, then refinance Multiple purpose loans Insufficient detail in file for cash out Review every piece of paper, s, etc.

60 Error Trend: Government Monitoring Information ( GMI ) If the application is taken face to face, the applicant completes the GMI box. If they indicate I do not wish to furnish, you must complete the ethnicity, race and sex by visual observation.

61 Error Trend: Government Monitoring Information ( GMI ) If the application is taken by mail or on-line, the applicant fills out the GMI section. The information should not be altered or edited by the loan officer. If the application is taken by phone, the loan officer must read the text in the GMI section and note what the applicant provides. The information should not be altered or edited by the loan officer.

62 Error Trend: Government Monitoring Information ( GMI ) Collection is required when application is received, or point of sale Original application is key document, GMI typically should not change Watch changes in borrowers during loan process How to handle when borrower initiates change? Watch for trends by loan officer, for example: one loan officer always checks off do not wish to furnish, along with the sex.

63 Error Trend: Government Monitoring Information ( GMI ) When to Collect GMI Required under HMDA for HMDA reportable transactions Required under ECOA for loans secured by dwellings for the purpose of purchasing or refinancing HELOCs: only collect GMI when it is clear the purpose is to purchase or refinance GMI collection may be required for Pre-Approvals if the Pre-Approval request is fully underwritten Over collection of GMI is not acceptable

64 Government Monitoring Information GMI Example #1 If face to face, and applicant does not wish to furnish, ethnicity, race and sex must be noted by the loan officer and the loan officer should indicate based on visual observation or surname.

65 Government Monitoring Information GMI Example #2 If taken by phone, either I do not wish should have been checked off indicating the applicant only disclosed sex, or ethnicity and race should have been completed.

66 Government Monitoring Information GMI Example #3 Nothing is wrong with this example. If the application is taken by mail or on-line, whatever the applicant completes should be reported.

67 Questions?

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