MISMO Issues the New HMDA Toolkit

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HMDA help is here. MISMO, the Mortgage Industry Standards Maintenance Organization, issued their new HMDA Implementation Toolkit (I’ve dubbed the HIT List) to help lenders prepare for, and report on, the new HMDA requirements (HIT List).

These guidelines will make it much easier for a lender to comply with CFPB’s new HMDA requirements. However, if you’re not a MISMO member, you’ll need to pay to play. MISMA members/subscribers may access the Toolkit via a shared link, you can access at the link provided above.

Non-members must pay $250 to gain access to the Toolkit. Information on membership may be obtained here, if you’re interested. There a few levels of membership so you will pick the one that best suits your needs and budget.

The components of the Toolkit are outlined at the above HIT List link. These include:

• Mapping
• Reporting Examples/Scenarios
• Sample XML
• Derivation Logic
• Data Confidentiality Info

Mortgage lenders are required to report 24 new data elements, along with the existing 24 elements, in their 2018 HMDA reports for all loans originated in 2017. You need to be ready.

Lenders need the technology, systems and processes to capture and report on the new components from the related documents on all loans originated, including those cancelled, withdrawn or denied.

I strongly suggest that you do not wait. Get started working with your LOS providers now. Don’t assume they will do this programming on their own. Work with them and stay in constant contact to ensure the desired end results.

BTW, the data elements, and reporting can provide you with valuable information that may be used to highlight any potential fair lending issues. In the programming process, I suggest building some internal reporting to monitor such possibilities. You might as well get some benefits from these new requirements.

For your use and information here is a list of the existing and new data elements that need to be gathered and reported under the new rules. LoanLogics proprietary data extraction process, IDEA, can assist you in gathering these data elements for your review and in meeting the new required reporting. Just give us a buzz.

Are you getting ready to HMDA!!!!

About the Author

Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.