RC_RC_GO_304.2 The 2015 Update to the HMDA Rule
Member Price: $49.00
Nonmember Price: $79.00
Product Code: DL2-011255-WC-WPurchase
This is a single-family/residential course.
This is a commercial/multifamily course.
MBA Education is dedicated to accommodating today's busy professional by offering short, accessible learning programs that can be completed in less than an hour.
In 2015, the Consumer Financial Protection Bureau (CFPB) finalized amendments to Regulation C, the rule that implements the Home Mortgage Disclosure Act (HMDA). Like other rules that implement aspects of the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the 2015 HMDA final rule has significant implications for single-family and multifamily mortgage lenders that will require changes to their systems and operations to ensure regulatory compliance.
The 2015 Update to the HMDA Rule course provides an overview of these important changes. The course includes a brief background on the origins and purposes of HMDA and explains how the Dodd-Frank Act drives the changes in the 2015 HMDA rule. Next, the course presents the key changes to the rule, including coverage criteria for institutions, covered transactions, new data fields, and the new reporting process. The course concludes with a discussion of the impacts of these changes for lenders and what lenders should start thinking about today to ensure a successful implementation.
For institutions in the multifamily lending business, the course highlights and explains critical changes they need to be aware of, including the revised definition of dwelling to include multifamily properties and reporting on income-restricted units.
The changes to the rule in the area of covered institutions and threshold criteria will bring in new reporters. This course will help them understand the basics of the 2015 HMDA rule; however, new reporters should be sure to get complete background on HMDA and may benefit from consulting with legal counsel to fully understand their obligations.
Seat time approximately one (1) hour.