From HW Magazine
On thin ice: expanded HMDA reporting represents new risks for lenders
New fields and more uncertainty make compliance tricky
Compared to the sound and fury surrounding TRID, when it seemed every other conversation or article was counting down the days until the deadline, the industry’s anticipation and preparation for HMDA changes seems eerily calm. It’s possible that after a decade of adjusting to multiple business-changing regulations, lenders and other mortgage companies have become adept at incorporating new requirements into their processes. It’s also possible they have compliance fatigue. Either way, the updated HMDA reporting requirements represent a new set of risks that lenders need to pay attention to.