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2019 HMDA Roundup

Apr 3, 2020 by Carey Aimone

Every year, lenders around the country compile, scrub and submit their HMDA data to the CFPB. While HMDA filing is not new; each year seems to bring its own changes, challenges and hopefully, success stories. This year was no different. Since we support such a large portion of the HMDA filing market (approximately 2,500 lenders); we thought we would share some unique statistics and insights from this year’s HMDA submission season.

Between January 2nd and March 2nd of this year, we took (and made) 9,890 calls and answered 9,962 emails. While that’s a LOT of customer support, it also represented about a 25% reduction from last year (but also double what we did in 2010!).

Why the decrease in Support volume from 2019 to 2020? These are a few factors:

Continued Software Improvements

Over the past year, we significantly enhanced our HMDA RELIEF module. Learning from last year’s submission process, we dove deep into our code to optimize the program to be faster for larger databases and more streamlined for HMDA personnel. We also enabled the ability for multiple users to access the program at the same time, which resulted in HMDA staffing efficiencies. We worked in tandem with many of our LOS partners to ensure data could quickly and accurately be imported into our software and we improved overall connectivity.

The CFPB Submission Platform was Improved

Last year was the debut of the CFPB Submission Platform for 2018 HMDA data. Many users experienced a myriad of unforeseen problems that delayed submissions. As a leader in the industry, QuestSoft was there to help. When the CFPB solicited our input on ways to improve the Platform, we worked closely with them throughout the year. They were incredibly responsive in addressing our concerns and made several enhancements to provide a vastly improved submission process. In addition, QuestSoft requested and received access to a version of the Platform for vendor testing, which ensured that we were better able to support our customers this year.

Second Time at Bat

In addition to the new Submission Platform, last year was the first year that lenders had to submit more than twice the number of fields than in prior years. In addition to gathering more data, 2019 was also the first time some institutions were covered under the S.2155 partial exemption rule. With this being the second year of filing under the same rules, it appears that many of our customers were more familiar with all the nuances of the “new HMDA”.

Improved Support for Customers

QuestSoft has always been dedicated to providing the best support in the industry. This year was no exception. We overhauled our phone system to provide detailed information so that customers could get answers quickly without having to wait in a call queue. We continued to publish helpful instructions, tips, and resources via our HMDA HQ and Submission Central web pages, which enabled many callers to find the answers they were looking for even faster. We also hosted HMDA focused webinars throughout the year to address questions and provide useful information. More than 800 lenders attended these webinars and were able to get information specific to their institution.

An exciting trend we also observed was instead of waiting until the last two weeks to file, many HMDA reporters submitted in January and early February! We are very excited about this new practice, as we feel most lenders should be scrubbing their data quarterly in order to submit their data without a hitch long before the submission deadline; thus making March 1st just another day!

All in all, we are proud of the many QuestSoft teams that came together to make this year’s HMDA submission one of the smoothest in years and we thank you for your loyal patronage. Happy HMDA!