HMDA Policy Considerations
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Is your organization prepared to update its Home Mortgage Disclosure Act (HMDA) policies in 2024?
New filing requirements for HMDA were passed in 2023 that will go into effect in 2024. Given the volatility with the housing market, the CFPB is paying close attention to mortgage data to protect borrowers.
BAI has put together a document on HMDA policy considerations to help financial services organizations understand current trends regarding the law and what they must do to stay compliant. Topics in the document include:
- Requirements and risks
- Who is affected
- Issues to be considered
- Reporting requirements
- Consequence of non-compliance
- And more
To learn more about how to make your organization’s HMDA policies more effective, download BAI’s “HMDA Policy Considerations.”