HOME MORTGAGE DISCLOSURE ACT Our 360 Approach

The new HMDA rule change will have a significant impact on the entire origination process as it is three times larger than last major HMDA rule change. Originators will need to decipher process impacts and needs for 25 new data points to collect and report, 14 revised data points, and changes to institutional coverage, transactional coverage, data submission, reporting, and disclosure requirements. Digital Risk can assist in understanding the complexities of risk assessment, control reviews, staff training, operational changes, third-party management, and vendor services.
Digital Risk's 360 Approach

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HOW DIGITAL RISK CAN HELP

TRANSACTIONAL HMDA REVIEWS

Digital Risk has assisted numerous originators by reviewing HMDA specific transaction samples. Each transaction review includes HMDA scripting (validation) which covers data validation, source input and a thorough risk and control assessment. The scripts include, but, not limited to loan amount, loan terms, including information on loan pricing and dispositions.

HMDA OPERATIONAL ASSESSMENTS

In other cases, Digital Risk is providing operational assessments, third-party management reviews, and vendor service reviews specific to HMDA.

HMDA CONSULTING

Digital Risk can provide consulting and guidance on implementation of the new rule, including best practices for collecting the new and revised data points, how to achieve efficiencies with the increased data collection, navigating the new LAR submission portal, and guidance on the newly proposed clarifying amendments.

YOUR REASONS TO CHOOSE DIGITAL RISK

HMDA Independence

INDEPENDENCE

Digital Risk’s services bring an independent perspective to the compliance function. Regulators value this independence and often give more weight and credibility to a compliance review prepared by an outside party.

HMDA Independence

REGULATORY KNOWLEDGE

Digital Risk can provide consulting and guidance on implementation of the new rule, including best practices for collecting the new and revised data points, how to achieve efficiencies with the increased data collection, navigating the new LAR submission portal, and guidance on the newly proposed clarifying amendments.

HMDA Independence

CUSTOMIZED SOLUTIONS

With our top priority being mitigating risk and adhering to regulatory compliance, Digital Risk has recently increased focus to support its partners in this environment with solutions tailored to meet specific objectives.