Rose Bogan in Housing Wire about Impact of HMDA changes on future reporting system
December 13, 2017Rose Bogan, SVP, Governance, Risk and Compliance at Digital Risk recently appeared in Housing Wire in the article titled “Your top 10 HMDA questions answered” talking about the impact of HMDA changes on the new reporting system in future.
Explaining the new reporting standards which will require updated systems and increased storage space, Rose says "Since the HMDA Rule requires new quarterly reporting for large volume lenders in 2020, many institutions are preparing now to satisfy the requirement"
"Institutions should already be auditing their systems to determine if their existing IT infrastructure on collecting and reporting data will be sufficient or if new, updated systems will be required," Bogan told HousingWire. "Lenders should also be sure that their servicing departments and those companies they utilize to service loans are aware of and in compliance with HMDA collection and reporting practices."
To catch up on the full informative piece- Read here
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