I know a lot of people in the Midwest, and especially the East Coast, have been trying to dig themselves out of all the snow we have gotten this winter. Much like the amount snow, credit unions are trying to dig through and implement the new CFPB mortgage rules that became effective in January of this year. These new rules have probably kept you busy, but I wanted to remind you not to forget about the HMDA data submission deadline, which is readily approaching
Credit Unions must submit their data to the FFIEC by March 1st. Please ensure that you have taken the time to gather the HMDA data and compile it for submission. One aspect that is sometimes forgotten is to ensure that your credit union is reporting accurate data. A credit union can work to submit accurate data by performing a review of the information reported on the Loan Application Register (LAR) compared to the information collected by staff in the loan file. This is essentially a double check of your information in order to make sure it is accurate.
If you need more information on HMDA requirements and submitting the pertinent data, it is recommended you check out the FFIEC HMDA webpage.