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It’s likely you have heard by now, that the CFPB has finally reversed its 2020 decision to temporarily allow certain lenders to forgo quarterly reporting for HMDA. This announcement comes one year after the CFPB initially offered the flexibility in response to the burgeoning concerns and unknowns at the onset of the pandemic. All reporting financial institutions (FIs) will be required to submit first-quarter data by May 31, 2021.
With 2020 full-year reporting hardly in the rearview, this may seem like a daunting compliance task for FIs who still lack the proper automation to accomplish this with minimal effort and great confidence in their data.
Back in January, LoanLogics announced a new product in our HMDA compliance portfolio of solutions, LoanHD® HMDA DirectCheck™. This exciting new offer is targeted at lenders who have reasonable confidence in their data from their loan origination system (LOS) or other trusted source and want a highly automated, efficient, less costly, and more accurate way of completing HMDA file reviews.
To help lenders get on track quickly with 2021 quarterly HMDA reporting, LoanLogics now has a “Try Before You Buy” program for this latest compliance technology.
Already offered with LoanLogics IDEA™ OnDemand – our cloud-native doc processing digital assistant, this latest free trial program allows FIs to get direct experience with LoanHD HMDA Direct Check. For no charge and little effort, interested parties can let this technology review their HMDA data for completeness, quality and LAR generation.
We have great confidence that after the trial, those that have used it firsthand will realize it is far more efficient and accurate than any other technology, and certainly manual processes, being used today.
Don’t wait to improve your processes for 2021 Quarterly HMDA reporting.
Learn more about this LoanHD HMDA DirectCheck offer and request your Try Before You Buy free trail today, click here.
