The Home Mortgage Disclosure Act (HMDA) requires financial institutions to collect and report data related to certain applications secured by a dwelling.  Understanding the detailed definitions and requirements can be confusing for new employees and financial institutions that have just become subject to reporting. Join this session for simple examples that explain the rules for identifying potential HMDA applications and the elements of data collection. This “HMDA Boot Camp” reinforces the importance of “getting it right” for the lending staff.

After this webinar you will be able to:

• Define various types of dwellings that will trigger a HMDA application
• Explain the need to collect demographic information of ethnicity, race, and gender to applicants
• Understand the elements of a “completed” application
• Define the correct loan purpose
• Identify the common reporting problems for commercial loan applications:

Take Away Toolkit:

• CFPB Resource links
• Step by step data collection definitions and important tips to avoid mistakes.
• Tool for taking Demographic information