Digital Risk Staff Attorney Meaghan James in Housing Wire about where lenders should currently be in the process of preparing for HMDADecember 27, 2017
Digital Risk's experts are featured in Housing Wire's latest series of answering some significant HMDA questions.
The latest in the series, article titled "Your top 10 HMDA questions answered: Part 8" yet again features Digital Risk Staff Attorney Meaghan James talking about how far along lenders should be at this point in the process of preparing for HMDA. She also includes a smart summary of the current expectations of the regulators.
"With the January 1, 2018 effective date less than two weeks away, lenders should be done, or almost done, with all software calibrations and staff trainings," Digital Risk Staff Attorney Meaghan James said. "At this point, lenders should have already consulted with their legal counsel and compliance departments should have reported changed to upper-management and executives, should have all updated processes and procedures in place, and should currently be testing systems and staff to ensure all new data capture and reporting is working as expected."
Read the full informative piece here.
Catch up on all the articles from the series here:
- Part 2: Rose Bogan in Housing Wire about Impact of HMDA changes on future reporting system
- Part 3: Sheila Latiff and Meaghan James in Housing Wire about Impact of HMDA changes on Lender
- Part 7: Meaghan James in Housing Wire about HMDA Loan Reporting by Non-delegated Correspondents