Monthly Archives: August 2022

HMDA Huddle – Q&As for Tackling the Intricacies of HMDA

Welcome back to ADI's quarterly Q&A series, HMDA Huddle. With the third quarter of 2022 ending and the end of the year approaching, it's critical to keep a strong focus on HMDA compliance. Lenders should continue to sharpen procedures and monitor the accuracy of all year-to-date LAR recordings. If you let this process slip earlier [...]

August 29th, 2022|

What Banks Need to Know: The Community Credit Needs Assessment

Under the Community Reinvestment Act (CRA), examiners will assess the community credit and development needs in a bank’s assessment area. A community credit needs assessment – which may also be referred to as a community needs assessment – is a component of the analysis of performance context in a CRA examination. It is intended to [...]

August 23rd, 2022|

New FHFA Rule will Require Mortgage Servicers to Maintain Fair Lending Data

Fannie Mae and Freddie Mac will require mortgage servicers to obtain and maintain fair lending data on their loans, and for this data to transfer with servicing throughout the term of the mortgage, starting in March 2023. This requirement is one of two updates the Federal Housing Finance Agency (FHFA) recently announced. In addition to [...]

August 11th, 2022|

Improve Data Accuracy with these CRA Reporting Tips

Get It Right: It’s a mantra for HMDA reporting, and it’s equally critical in CRA small business reporting for regulatory compliance. Three of the four critical fields to CRA reporting routinely cause lenders problems: Loan Amount, Loan Location and Gross Annual Revenues of $1 Million or Less. The right answer depends on such specifics as [...]

August 8th, 2022|

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