While the official date for the collection of new Home Mortgage Disclosure Act data does not begin until 2018, cultivating an enterprise-wide understanding of the magnitude of the HMDA requirements is one of the biggest and most important challenges facing lenders.
To address this issue, Wolters Kluwer today announced that one of its leading regulatory compliance consultants, Amy Downey, will speak to members of the Credit Union Compliance Professionals group about preparing for the upcoming HMDA changes. Downey’s presentation is being held Wednesday, June 15 from 9:30 – 11:30 a.m. PDT at the Wescom Credit Union, 5601 E. La Palma Ave., in Anaheim, Calif.
According to Downey, the scope of change, just given the Dodd-Frank Act portion alone, is considerably bigger than the last time major changes were made to HMDA. The breadth of change is large not only because of the sheer quantity of required data fields, but also because the additional required fields are completely intertwined with the origination process.
“While the effective date for the new rules seems like a long way away, there is never sufficient time to prepare for a regulatory change of this magnitude,” said Downey. “Activities should be underway now that will positively affect an institution’s ability to implement the changes. Early, enterprise-wide preparation and commitment are going to be critical in meeting the expanded HMDA data collection rules.”
With over 20 years’ experience in financial services, Downey combines her knowledge and experience to help financial organizations minimize compliance and operational risks through the use of technology and improved processes. Her expertise extends to a wide variety of risk management areas, including regulatory compliance, operational process improvements, change management, remediation, training and compliance monitoring.
Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer which provides legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environments. The division’s prominent brands include: AppOne®, AuthenticWeb™, Bankers Systems®, BizFilings®, Capital Changes, CASH Suite™, CT Corporation, CT Lien Solutions, Corsearch, GainsKeeper®, LegalVIEW®, OneSumX®, Passport®, TyMetrix® 360, Uniform Forms™, VMP® Mortgage Solutions and Wiz®.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2015 annual revenues of €4.2 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.