Did you know that your HMDA data plays an important role when you are selling your loans to various agencies? Do you have the right procedures in place for the 2018 Quality Control HMDA requirements?
Most agencies require the lender to submit various HMDA data points as part of the purchasing process. With the new HMDA regulation that just took effect in January 2018, this means that the expanded GMI will play a key role in the purchasing process for most agencies. Freddie Mac in particular specifically requires the lender report the GMI, Rate Spread, and HOEPA information for each loan that Freddie Mac purchases.
Fannie Mae, FHA, and Rural Housing require more than just the reporting of HMDA data points. Before these agencies will consider purchasing loans from your institution, you must show that you have procedures in place and are complying with the current HMDA regulation as part of your Quality Control Program. FHA has an additional requirement that the HMDA information that is being reported be accurate.
At Culp QC, a division of Regulatory Solutions we are here to help. We provide in-depth Quality Control reviews, HMDA scrubs and other regulatory services to help you with your compliance needs.