In Mid-September all HMDA data will be made public by the Regulators. Will you be prepared to tell your story… we can help you interpret what the data is saying about your institution.
In 2011 alone, there were almost 70 institutions fined a total of $560,000. Since 2011, the pace of enforcement has quickened. The Hilltop Companies offers a Mid-Year review of your 2012 HMDA entries, Policies and Monitoring program. We can help you institution now by helping you:
- Review your LAR/HMDA software and validate that it is preparing an accurate report
- Identify the correct source documents to use and the policies for gathering the data
- Help you differentiate between a Preapproval and a Prequalification program
- Distinguish between a withdrawal, cancellation and a denial. We will help you create sound policies associated with loan officer, processor and underwriter practices. We can provide ongoing monitoring of your new policies.
With the new regulatory compliance environment and enforcement facing the industry, you should validate your policies, practices and results now. If you wait until next March, it may be too late.
Contact Steve McGurl, Managing Director at [email protected] to discuss further.
