HMDA: Home Mortgage Disclosure Act

Workshop Leader: Martha Howell

This Tuesday session will be preceded by a Compliance Council session, 10:30 a.m. - 12:30 p.m.
 
● Tuesday, July 13
   10:30 - 12:30     Compliance Council ● Martha Howell
   12:30 - 1:00       Lunch Break
   1:00 - 4:30 p.m. HMDA ● Martha Howell 
   For credit unions $39 million in assets & over
   No dinner will be provided.

The Home Mortgage Disclosure Act (HMDA) requires regular reporting by financial institutions that provide home financing loans. This session will look at determining which applications and loans are HMDA reportable, and whether business loans should be included. The concept of “dwelling” will be examined, along with characteristics of prequalification requests vs. preapproval requests.

Under what information needs to be recorded and where, we will cover the importance of accurate information and look into application and loan information, the purpose of the transaction, action taken, date recording, property types, income sources relied on, multi-property reportable transactions, and dual-purpose transactions.

Additional areas to be explored include completing the HMDA loan/application register, submitting the register, what happens if inaccurate information is provided on the register, and how the information helps the credit union. Finally, we will discuss common reporting mistakes and inquiries and disclosure requirements. 
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Agenda

10:30 a.m. - 12:30 p.m.  Compliance Council

12:30 - 1:00 p.m. Break. No lunch will be provided.

12:30 - 1:00 p.m. Registration for HMDA session

1:00 - 4:30 p.m.  In-depth and complex analysis of Home Mortgage Disclosure Act

No dinner will be provided.
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REMINDER: Registration for this and all sessions will be accepted only using the Compliance School July Registration Form. Thank you!