LenderClose announced it is launching a new compliance tool to help companies navigate the Home Mortgage Disclosure Act.
Its new tool will allow community banks and credit unions to validate and export HMDA required data fields to meet the requirements set by the Consumer Financial Protection Bureau.
“LenderClose's HMDA reporting solution is one of the cleanest most user-friendly I have seen,” said Jen Timmins, Serve Credit Union branch manager. “This daunting task just went from weeks of work to minutes.”
“Partnering with LenderClose on this project and others has saved our credit union valuable time and more importantly continues to save our members money,” Timmins said.
LenderClose announced its new tool will speed up the HMDA reporting process and eliminate multi-system challenges.
“Our goal is to provide lenders tools and solutions to digitize the lending cycle,” LenderClose Founder and CEO Omar Jordan said. “These tools lead to fast, accurate and easy reporting processes for community lenders.”
HMDA reporting has been a major issue for the housing industry, especially since most of the 2015 updates to HMDA took effect in January. In fact, one of our feature stories for the December issue of HousingWire Magazine, written by our Managing Editor Sarah Wheeler, details the new risks HMDA reporting represents for lenders.
But lenders still have some time to implement HMDA solutions for the new rule changes as the Trump administration recently defanged HMDA enforcement.
Both the Office of the Comptroller of the Currency and the CFPB — both now led by Trump-appointed leaders — announced they will not be assessing penalties on HMDA data collected in 2018 and reported in 2019.