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Weathering the Storm of Rising Inflation
On Jan. 29, 2021, the Federal Reserve System issued Consumer Compliance Outlook Fourth Issue 2020 featuring articles on the Home Mortgage Disclosure Act (HMDA), mortgage servicing and an overview of various regulatory updates.
The article on HMDA is an excellent overview of its regulatory requirements and tips for compliance, as HMDA violations were among the top 10 compliance violations cited by Federal Reserve examiners even before the Dodd‒Frank Wall Street Reform and Consumer Protection Act (Dodd‒Frank Act). So much so that regulations were implemented to require HMDA reporters to begin collecting additional data fields beginning in January 2018, while making changes to some of the existing fields.
Below are some tips the article provided for complying with HMDA regulations:
Want to verify you’re in compliance with HMDA regulations? Contact our regulatory compliance specialists today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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