Is Your Vendor Ready for the New CFPB HMDA 2018 Changes?
Jun 7, 2017 by Brian Arnesen
With only a short time left until the new CFPB HMDA regulations go into effect, many loan origination system (LOS) vendors are touting their readiness to support the regulation's enhanced data requirement. But it wasn't that long ago that we heard the same thing concerning TRID.
Readiness for a regulation doesn't mean a screen shot or a fancy looking timeline. It means the actual live transfer of accurate, reportable data. QuestSoft released a free 2018 test version to all of its Compliance RELIEF customers a full year in advance.
Here are 4 ways to confirm your vendor is on top of the new CFPB HMDA changes.
1. Make sure your HMDA management software is capable of testing actual expanded CFPB HMDA data today.
2. Check to make sure your LOS committed to an "in hand", fully function release date at least three months in advance of the effective data collection date - if not, have a Plan B.
3. Check to see if you can use live 2016 or 2017 data so you don't have to create artificial test cases.
4. Ask your vendor about HELOCS and other consumer channels where the software has not complied with HMDA before. Is it really CFPB HMDA ready? These are the vendors with the toughest conversion programming to add.
QuestSoft is working with at least 35 major systems at the moment to ensure readiness. Is your software ready? Click Here to request a demo to see all of the benefits of Compliance RELIEF.