Laura Williamson, SVP Client Services at Digital Risk was recently quoted in Scotsman Guide in the article entitled “Vendors: There’s still time to prepare for HMDA”, regarding the preparation financial institutions will need to go through to begin collecting much more detailed data about loans and borrowers under the Home Mortgage Disclosure Act (HMDA).
The American Bankers Association (ABA) recently notified federal regulators that the banks won’t likely be ready by the Jan. 1 deadline, to which Laura replied that if they have plans, in five to six months they would be ready.
Williamson told Scotsman Guide News that large and most mid-sized companies likely have started preparing their systems for the change. Some smaller players who find themselves unready, and who may not have realized the gravity of the situation, are reaching out to outsource providers such as Digital Risk asking, “How can you help us?”
A recent informal survey by Wolters Kluwer, gauging HMDA readiness, found that out of 230 responses, just 14 percent indicated they were prepared for the expanded HMDA requirements. An additional 50 percent said they were somewhat prepared at this stage, and 28 percent indicated they were not prepared.
Read the full article and Laura’s comments in detail here: on the Scotsman Guide.