Get the free Implementing Revised HMDA Rules

ATTENDEE REGISTRATION FORM Implementing Revised HMD Rules March 8, 2017 8:30 a.m. PA Bankers Training Room Harrisburg, Pa. Please return this form with payment to: Pennsylvania Bankers Association

How to fill out implementing revised hmda rules

How to fill out implementing revised HMDA rules:

1. Understand the purpose of HMDA rules: Before filling out the revised HMDA rules, it is essential to understand the purpose of these rules. The Home Mortgage Disclosure Act (HMDA) requires certain financial institutions to collect and report data about their mortgage lending activities to ensure fair lending practices and combat housing discrimination.
2. Obtain the necessary resources: To accurately fill out the implementing revised HMDA rules, gather all the necessary resources such as the revised HMDA rulebook, instructions, and any additional guidance provided by the regulatory authorities.
3. Review the revised HMDA rule requirements: Familiarize yourself with the revised HMDA rules and the specific reporting requirements. Pay attention to changes in data points, thresholds, and other relevant information to ensure compliance.
4. Identify the covered transactions: Determine whether your institution is subject to the revised HMDA rules. Generally, financial institutions that meet certain criteria such as asset size, loan volume, and type of activities are required to comply with HMDA rules. If your institution falls under these criteria, proceed with filling out the implementing revised HMDA rules.
5. Collect the required data: Compile the necessary data elements required by the revised HMDA rules. This may include information about the borrower, property, loan terms, and other relevant details. Ensure that the data collected aligns with the specified format and coding instructions.
6. Enter the data accurately: Enter the collected data into the designated HMDA reporting system accurately. Double-check the entered information for any errors or inconsistencies. It is crucial to maintain data integrity and completeness while filling out the revised HMDA rules.
7. Verify data accuracy and completeness: Before finalizing the HMDA report, conduct a comprehensive review of the entered data. Verify the accuracy, consistency, and completeness of all data points against the HMDA rule requirements. Rectify any discrepancies or errors identified during the review process.
8. Prepare and submit the HMDA report: Once all the required data has been accurately entered and verified, generate the HMDA report for submission. Follow the specified procedures and timelines for submitting the report to the appropriate regulatory authority.

Who needs implementing revised HMDA rules?

1. Financial institutions subject to HMDA: Financial institutions such as banks, credit unions, and mortgage lenders that meet the criteria set by regulatory authorities need to implement and adhere to the revised HMDA rules.
2. Institutions involved in mortgage lending activities: Any institution that engages in mortgage lending activities, including originating, purchasing, or selling mortgage loans, may need to implement and follow the revised HMDA rules.
3. Institutions seeking fair lending compliance: Institutions focused on fair lending practices and compliance should ensure they understand and implement the revised HMDA rules. These rules aim to promote transparency and prevent discriminatory lending practices in the mortgage industry.

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