Loan Product Advisor® Updates Support New HMDA Demographic Information Data
October 2, 2017
Loan Product Advisor® will be updated on October 8, 2017, to align with the updated Consumer Financial Protection Bureau (CFPB) reporting requirements as referenced in the November 1, 2016, Freddie Mac and Fannie Mae joint announcement. It requires the collection and reporting of new demographic information for loans with applications received on or after January 1, 2018.
Updated Loan Product Advisor Specification
In June, we provided our loan origination system (LOS) vendors an updated Loan Product Advisor specification that included the updated Home Mortgage Disclosure Act (HMDA) Final Rule Demographic Information data.
- If your LOS has not been updated to align with the June Loan Product Advisor specification and you are not collecting the updated HMDA data, please continue providing the existing HMDA data until your LOS has been updated. If you’ve started collecting the updated data, follow the CFPB’s guidance to roll up the data for submission using the current format.
Contact your vendor to determine when they will update their systems so that you can begin submitting the updated HMDA data for loans with applications received on or after January 1, 2018.
- If your LOS has been updated to the June Loan Product Advisor specification, but you are not collecting the updated HMDA data, please continue providing the existing HMDA data. If you’ve started collecting the updated HMDA data, the new Loan Product Advisor specification will allow the delivery of this data.
Note: Depending upon your readiness, the updated specification allows you to submit either the existing or updated HMDA data. Whether you submit your loans with existing or updated HMDA data fields, it will not affect the processing of your loan through Loan Product Advisor.
Loan Quality Advisor® and the Selling System® will be updated with the ULDD Phase 3 dataset by February 26, 2018, to reflect these changes.
For More Information
For additional details on these changes, read: