Calendar of Events

HMDA 2018 Challenges with Taking Applications Part II – Commercial Applications

11/14/2017, 1:30 PM to 3:30 PM

No location provided

Amy Davis adavis@msbankers.com 601-948-6366

Description:

HMDA 2018 Challenges with Taking Applications
Part II of II – Commercial Applications


Presented by Susan Costinis
Thursday, November 14th, 2017
1:30 pm - 3:30 pm CT
 

Highlights:

  • Coverage issues – Which COMMERCIAL applications are covered loans that require data to be collected at the time of application? What types of dwellings are included? Best practices for documenting that applications for agricultural purpose are EXEMPT!
  • What data will be reported? What data will be excluded for business applications? Business purpose loans have many fields that are “not applicable”.
  • What is the correct application date?
  • Identifying the correct loan purpose – there are FIVE options and rules for multi-purpose loans.
  • What does the front-line need to know about these changes?
  • Suggestions for potential problems with collecting, reporting, and validating the data fields for “applicant” and applications in these required fields and understanding when they may NOT be reported:
    • Age for applicants who are “natural persons”, for example a sole proprietor
    • Income – when is reporting required?
    • Reasons for denial
    • Application date
    • Ethnicity, race and sex
      • Disaggregation of ethnicity and race
      • Explanation for 13 KEY points about data collection including loan applications that begin in 2017 but final action is taken on or after January 1, 2018.

Register for Part I and Part II of this series
Register for Part I only
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