Welcome to the final HMDA Huddle before the 2022 HMDA LAR submission deadline on March 1, 2023. Is your data ready? If you still have questions, the clock is ticking but it's not too late. Here and in our earlier issues, we give you answers to the details you may have missed while checking and [...]
Welcome to the fourth quarter! If you haven't been keeping your LAR spotless, you're almost out of time to ensure an accurate HMDA LAR for 2022. Will your submission pass the test? Are your loan officers making the right choices when entering data? Are your systems in sync? Click through to check out this quarter's Huddle. [...]
The Consumer Financial Protection Bureau (CFPB) is eyeing the relationship between rising car prices and changes in auto loan characteristics and performance. In a September 19, 2022, blog post, the bureau expressed concern about the impact of larger loan amounts and higher monthly payments on the financial health of consumers with near-prime or subprime credit [...]
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 [...]
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 [...]
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 [...]
The Department of Justice (DOJ), Consumer Financial Protection Bureau (CFPB) and the Attorneys General of Pennsylvania, New Jersey, and Delaware, announced on July 27, 2022, that they had entered agreements with Trident Mortgage Company (Trident) resolving redlining allegations against Trident in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metropolitan Statistical Area (Philadelphia MSA). In a complaint filed also on [...]
Welcome back to ADI's quarterly HMDA Q&A series, HMDA Huddle. As the end of the second quarter of 2022 approaches, HMDA compliance should remain a consistent focus. Many lenders loosen procedures and fall back into pitfalls of inaccuracy after their previous year's LAR is filed. Don't let that happen to your institution, as it will [...]
The Illinois Attorney General and the FTC announced a settlement that requires North American Automotive Services Inc., also known as Edward Napleton Automotive Group (Napleton), to pay $10 million to resolve allegations dealerships charged illegal fees. The settlement was filed with a complaint alleging Napleton dealerships illegally charged consumers for unwanted “add-ons,” discriminated against Black customers [...]
Welcome to ADI's first issue of our quarterly HMDA Q&A series, HMDA Huddle. With another HMDA filing deadline behind us, lenders who successfully submitted their 2021 LAR can breathe a sigh of relief, and ADI is already looking ahead to 2022 reporting. ADI assists a wide variety of lender clients with HMDA LAR audit and [...]
