Article By: National Mortgage News
“The timing of both the HMDA rule and Truth-in-Lending-Real Estate Procedures Act Integrated Disclosure rule, which took effect Oct. 3, is important because the disclosure forms in TRID are part of what’s required to be reported in the new datasets for HMDA. Even though lenders have two years to comply with HMDA, the longer they take to comply with TRID, the shorter time they have to get their systems ready.”
Preparations for TRID compliance were important and can help in meeting further regulations.
The new HMDA rule, scheduled to take effect January 2018, requires the disclosure forms from TRID to be reported with its new datasets. It also “adds 25 new data points and modifies 14 others in addition to the existing 9 data fields that were already required.”
Lenders need to remember lessons learned from TRID implementation and leverage their resources and prepare early to become compliant with the new HMDA rules.