Ellie Mae Provides HMDA Readiness Initiatives; Ensures Customers Are Compliant With UCD Requirements
Enhancements to Encompass 17.4 along with tools, resources and training supports client preparation for regulatory changes
“With each regulatory update, our lenders need to make changes to
processes, reporting and workflow in order to remain compliant. By
offering technology, information, training and resources in advance of
these changes to HMDA, UCD or whatever regulation comes next, Ellie Mae
ensures that our customers have time to educate and prepare,” said
HMDA and Regulation C were created and implemented to require public disclosure of information that illustrates whether or not mortgage lenders are serving the housing needs of their local communities. This information helps public officials better distribute public-sector investments so they attract private investments to areas where it’s needed the most. Just as important, they mandate data collection and disclosure on application and borrower characteristics to help pinpoint potentially discriminatory lending practices for further review. To support Ellie Mae clients as they prepare for HMDA changes, the following offerings are available:
Encompass 17.4 Enhancements: Announced earlier this month, Ellie Mae Encompass 17.4 offers key updates to support the 2018 HMDA collection and reporting including:
- Multiple Legal Entity Identifier (LEI) Support: For clients with organizations who are required to report HMDA under multiple entities with separate reporting requirements, 17.4 enables lenders to establish and use a HMDA Profile for each LEI to be used within their organization. The HMDA Profile includes all HMDA related settings associated with the legal entity, from respondent information through channel and relied upon factors configuration.
- Relied Upon Factors Configuration: Lenders have the option to configure which fields they use in their normal underwriting practice as relied upon factors for Income, CLTV and DTI for HMDA reporting purposes.
- Demographic Data Updates: Per the Final rule, consumers no longer have to identify a category for race or ethnicity prior to selecting a more specific subcategory. Ellie Mae is providing consistent prioritization and reporting of the maximum five codes to be reported on the Loan Application Register (LAR) for loan scenarios where the consumer identifies with more than five choices in race and/or ethnicity.
HMDA: The New Frontier of Reporting Whitepaper: Download to understand what’s changing and how to ensure continued compliance success.
Brief on Upcoming HMDA Changes: A quick and essential primer on how to prepare and what Ellie Mae is doing to get lenders ready.
HMDA Compliance Training: Ellie Mae offers complete education solutions including an online learning management system (LMS). Course content includes course work on the practical application of HMDA which provides a functional understanding of the Home Mortgage Disclosure Act and Reg. C.
HMDA Policy Manual from AllRegs: The HMDA Policy Manual is a turnkey document ready and updated to reflect the 2015 HMDA Final Rule including recent amendments. The manual may be personalized with your organization’s name and logo and benefits businesses of any size and structure to save you developmental time and resources while still meeting regulatory compliance requirements.
HMDA Resources: For more information about HMDA changes, how Ellie Mae is supporting regulation, FAQs, white papers, briefs and more, visit Compliance Central at: http://elliemae.com/resources/compliance-central#hmda
The UCD is a component of the Uniform Mortgage Data Program (UMDP), an
ongoing effort by
In September, Ellie Mae announced it has been validated for UCD in
- Information on using the UCD in Encompass
- The UCD Data Mapping document
Registration guides for
Fannie Maeand Freddie Mac
- Recent UCD Webinars
- New UCD Training Videos
- Additional documentation, release notes and guides
For more information about UCD changes, visit the Ellie Mae Resource Center.
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Source: Ellie Mae