In the pursuit of fair and equitable lending practices, many financial institutions are required to comply with strict reporting standards for mortgage loans under the Home Mortgage Disclosure Act (HMDA).
Don’t let the regulatory requirements imposed by this act be a source of stress for your institution. Young & Associates offers a HMDA compliance review of your policies and procedures to ensure your financial institution satisfies the latest laws and regulations.
Young & Associates specializes in staying up-to-the-minute with federal regulations regarding every aspect of home loans and banking services. Our compliance solutions are tailored to your specific institution and loan volume to ensure the satisfactory application of recommendations for your reporting needs. Contact us to learn more about our HMDA reporting and compliance services.
The HMDA reporting requirements state many banks and credit unions must report data about their mortgage loan applications, whether originated or purchased. The number of data points collected has been expanded, and for some institutions will include home equity lines of credit. Financial institutions must have policies and procedures in place for the collection and reporting of this data, as it is a key factor in determining their compliance with fair lending practices.
Young & Associates can help your institution stay compliant with these changing reporting standards with HMDA reviews. With this competitive offering, we: