Home Mortgage Disclosure Act

From the Home Mortgage

Earlier this month, the (CFPB) levied fines of $34, 000 against Washington Federal and $425, 000 for compliance failures under the (HMDA). These actions, along with new HMDA compliance guidance, puts bank boards and senior management on notice that the CFPB is actively policing HMDA compliance. The CFPB, with its focus on consumer protection rather than safety and soundness, views the HMDA as critical to CFPB efforts to police compliance with the Equal Credit Opportunity Act and prevent discrimination in home mortgage lending.

The Home Mortgage Disclosure Act or HMDA requires certain lenders, including banks, thrifts, credit unions, and mortgage companies, to disclose information regarding home loan applications, including rejected applications. The HMDA has been around with some amendments since 1975, but the Dodd-Frank Act transferred enforcement authority for the HDMA from prudential regulators to the CFPB.

The recent enforcement actions are evidence of the importance of HMDA reporting to the CFPB’s mission. According to CFPB guidance, financial institutions must implement effective HMDA compliance programs, or be at risk for enforcement actions. As with all compliance programs, the financial institution’s board and senior management are responsible for setting the right “tone at the top, ” establishing a compliance program designed to fit the institution’s individual size and risk profile, monitoring the program’s effectiveness, and periodically reviewing and updating the compliance program. The CFPB’s full guidance is can be found . For more information, please contact our corporate group here or call 208.344.6000.


Ulan Press Fair lending enforcement and the data on the 1992 Home Mortgage Disclosure Act (HMDA) : hearing before the Committee on Banking, Housing, and Urban ... session, on the problem of racial discrimi
Book (Ulan Press)

Subprime lenders targeted blacks.

2008-03-06 06:50:30 by So-byebye-to-yo-home-hom

Proportion of Subprime Home Loans by Race (2006)
African American families
Hispanic families
white non-Hispanic families
52.4 4%
40.66%
22.20%
Source: Center for Responsible Lending analysis of 2006 Home Mortgage Disclosure Act (HMDA) data reported by the Federal Financial Institutions Examination Council.
These are the first class of subprime victims, the families who were duped by predatory lenders. Adjustable rate mortgages, the Sanskrit that befuddled the Levys, are why so many borrowers will lose their homes in the subprime meltdown that is occurring across the nation

That's exactly what I want to do...

2005-12-03 17:29:05 by REservices

Keen observation, exactly.
I can offer one-stop shopping, one point of contact for a daunting task...financing and buying a home. I have never had a client concerned about getting both mortgage and real estate services from one place. In fact, they're most often relieved when they find they don't have to deal with numerous organizations/people to get it done. And, they actually end up saving money!
You're correct, it does require adequate staffing.
In my state, it is perfectly legal to act as LO and realtor. It's all about disclosure, disclosure, disclosure (see RESPA)

Spitzer Probes U.S. Banks Over Minority Mortgage

2005-04-28 10:38:14 by willyoutellme?

New York Attorney General Eliot Spitzer is probing at least five banks to determine whether they charged blacks, other minorities and seniors excessive mortgage rates, a person familiar with the inquiry said.
Spitzer requested data on home loans from Citigroup Inc., HSBC Holdings Plc, JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co., said the person, who declined to be identified. Requests went to as many as 10 lenders.
The inquiry marks Spitzer's first investigative foray into consumer banking after probes of the securities, mutual fund and insurance industries for practices he claimed were abusive

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CFPB Issues Fall 2013 Regulatory Agenda  — Mondaq News Alerts
.. mortgage issues, including: (a) how to apply certain exemptions under the Dodd-Frank Act that is designed to preserve credit in "rural or underserved" areas; (2) a proposed rule to implement Dodd-Frank Act changes to the Home Mortgage Disclosure Act.

Mortgage TrueView Unveils New Risk Analysis Tool  — National Mortgage Professional Magazine
Mortgage TrueView announced the release of Mortgage TrueView HMDAnalytics, a new risk assessment and business intelligence tool that allows mortgage lenders to analyze Home Mortgage Disclosure Act data in order to better manage compliance risks.

QuestSoft Updates Software to Accomodate New MSAs  — National Mortgage Professional Magazine
“Not only will many census tract income classifications be affected, but many banks that are not Home Mortgage Disclosure Act (HMDA) reporters may find themselves in a MSA that did not exist before or was expanded to include counties that now fall ..

University of Michigan Library A guidebook: Home mortgage disclosure act and reinvestment strategies
Book (University of Michigan Library)
University of Michigan Library Reauthorization of community development block grant urban development action grant programs and Home Mortgage Disclosure Act: Hearings before the ... second session, March 11 and May 5, 1986
Book (University of Michigan Library)

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