Welcome to the second quarter of your 2024 LAR season. With the 2023 submissions complete, HMDA data management demands continue, with quarterly filings that require as much care as the final product. Every quarter, new questions arise, and ADI can help answer some of the questions you may encounter in your preparations. In this issue, [...]
Happy New Year, HMDA Huddlers! It's time to review the past year's LAR and ensure that you're ready to submit the cleanest data possible by March 1, 2024. ADI is here to answer some of the tricky questions you may encounter in your preparations. In this issue, we answer questions about information gathering to avoid [...]
The U.S. Department of Justice (DOJ) announced recently that through its “Combatting Redlining Initiative,” it has secured more than $107 million in relief for communities nationwide experiencing lending discrimination. Attorney General Merrick Garland declared, “This work is just the beginning - the Justice Department currently has over two dozen active investigations into redlining, spanning neighborhoods [...]
On October 24th, the Office of the Comptroller of Currency, Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a final rule to strengthen and modernize the Community Reinvestment Act (CRA). This revision to the CRA regulation, the first comprehensive update since 1995, was issued with the following stated goals: Encourage banks to expand [...]
Welcome to our redesigned HMDA Huddle. We've given our quarterly look at lenders' HMDA challenges a new look and added resources for those who want to take an even deeper dive. In this issue, we answer questions about rate spread calculations; abandoned applications, policy considerations, and counteroffer challenges. Click through to check out the latest [...]
HMDA: Lenders' Favorite Mistakes Welcome to ADI's 2023 edition of “Four Common HMDA Reporting Errors.” Though the 2015 HMDA Final Rule has been in effect for years, lenders continue to make errors when satisfying reporting requirements under the Home Mortgage Disclosure Act (HMDA). Therefore, we will continue to compile and share some especially prevalent ones, [...]
The 2023 HMDA reporting season is halfway over, and by July 31, 2023, it will be time to finalize the data for all second-quarter reportable applications. ADI Consulting's July 2023 edition of HMDA Huddle has tips for reporting "Other" Reasons for Denial; coding for high-cost loans (HOEPA), and advice for getting Action Taken Dates on [...]
Now that the Consumer Financial Protection Bureau (CFPB) has released its Final Rule implementing reporting requirements for small business lending, it's time to start preparing for this sweeping new set of requirements. Under the rule, lenders will collect and report information about the small business credit applications they receive, including geographic and demographic data, lending [...]
The 2023 HMDA reporting season is well under way. It's a great time to tackle the issues you addressed for your most recent filing, and get your HMDA team to understand the exact details needed to produce the cleanest possible LAR. ADI is here for you with the April 2023 edition of HMDA Huddle. In [...]
The Consumer Financial Protection Bureau (CFPB) finalized the Rule implementing Section 1071 of the Consumer Financial Protection Act’s requirements that lenders make data available to the public about their small business lending activity. Under this new Rule, lenders will collect and report information about the small business credit applications they receive, including geographic and demographic [...]
