Rooting out your HMDA compliance gaps and preparing you for a successful exam.
We perform exhaustive reviews to confirm that your HMDA data are complete and accurate and conform to examiners’ expectations.
Gathering the accurate and complete HMDA data regulators require can haunt banks come exam time.
You worry about human and systematic errors, gaps in your lending areas, including your commercial lending practices, and whether you've interpreted HMDA requirements correctly.
In many ways, it takes a village to ensure that you're meeting regulators' expectations and that staff across your business lines collect, record, and present all HMDA-required data consistently, effectively, and accurately.
TCA can be part of your village. Our team members, all former bankers, know where banks get tripped up by HMDA.
As such, banks have relied on us for HMDA reviews for decades. We reduce the stress associated with anticipating and preparing for HMDA exams and we give you the confidence that you’ll be ready when an examiner steps through the door.
Through our discovery, we shed light on whether your policies or approaches are missing key regulatory requirements. In addition, our consultants study the latest regulatory changes and understand what they mean to your bank.
Some of the services you can expect:
- A review of your LAR to assess whether your data collection and reporting are accurate and adhere to HMDA requirements
- A deeper dive through custom samples to identify HMDA trouble spots
- Advice on HMDA data validations to ensure you have trust in the integrity of your data
- An analysis of procedures and workflow
We also look for common mistakes we've encountered:
- Inaccurate loan amounts.
- Geocoding and Census Tract changes that aren't reflected in the files.
- Lending transaction bank fees that are missing from the file.
- Missing documentation related to income and credit decision dates.
TCA shows you A Better Way to overcome your HMDA compliance struggles.
Key deliverables include:
- Outlining how to develop an ongoing monitoring strategy to avoid compliance gaps
- Updating your team on the newest HMDA reporting requirements
- Identifying staff training deficiencies
- Advising on HMDA policies and procedures and measures to enhance data collection
Additional Compliance Topics
HMDA News and Census Tract Updates
Breaking News!! This week the OCC, FRB and FDIC announced their stance on HMDA reporting for institutions thrown back into HMDA reporting due to the recent Court decision to roll back the closed-end mortgage reporting threshold from 100 back to 25. All three regulators are taking the same stance as the CFPB and have stated […]
CRA Asset-size Thresholds Announced for 2023
The annual CRA asset-size thresholds for covered financial institutions were announced December 19, 2022 by the FDIC and FRB and on December 28 by the OCC applicable for 2023. The cutoff adjustments are based on the change in the CPI (Consumer Price Index) for each 12-month period ending in November, rounded to the nearest million. […]
HMDA and HPML Thresholds Bumped Up for 2023
On December 28, 2022, the Consumer Financial Protection Bureau (CFPB) amended the Home Mortgage Disclosure Act (Regulation C) and the Truth in Lending Act (Regulation Z), adjusting the asset-size exemption thresholds for banks, savings associations, and credit unions. Like the CRA thresholds, the adjustments are pegged to the annual percentage increase in the Consumer Price […]
New Threshold Amounts for 2023 under Regulation Z CARD Act, HOEPA and QM Sections
Based on the 8.9% increase in the Consumer Price Index (CPI-W) in effect on June 1, 2022, the Consumer Financial Protection Bureau (CFPB) released a number of new thresholds which go into effect on January 1, 2023. They include: Additionally, these changes affected the HOEPA threshold amounts found under 1026.32 based on the 8.3% increase […]
HMDA Reporting Threshold Changes Due to Court Ruling
On April 16, 2020, the CFPB released a final rule affecting the thresholds for HMDA reporting. Effective July 1, 2020 the number of closed-end loans originated to be considered a “financial institution” was increased from 25 to 100 for each of the two preceding years for both depository and non-depository institutions. On September 23, 2022, […]
Regulatory Updates – Third Quarter 2022
Below is a link to the Regulatory Updates as of the end of Q3. TCA provides A Better Way for you to track Compliance updates and keep your organization on track. You can download the updates in a PDF form here. As always, TCA is here to help with A Better Way to answer all […]
