RATA
RATA's Customer Care Campaign
The RATA Comply Suite is currently the most robust compliance product on the market. Over the last few years we have been adding extensive amounts of functionality to help institutions streamline their processes. As part of our ongoing efforts to improve your RATA Comply experience with the products and services we provide, we have launched the RATA Customer Care Review campaign to make sure you are aware of the functionality you have and that you are using it to its full extent. By appointment we would like to have a web meeting with your entire team to discuss: Your current processes Review the Comply components that you currently have Discuss any issues or challenges you are having related to HMDA/CRA, Fair Lending or Peer Analysis Discuss any questions you have regarding the 2018…
We are proposing changes to Regulation C to help industry comply and are looking for your feedback
Today we released a proposal to amend Regulation C to provide certain clarifications that would help companies comply with their data reporting requirements. Regulation C implements the Home Mortgage Disclosure Act (HMDA). The Home Mortgage Disclosure Act (HMDA) requires many financial institutions to maintain, report, and publicly disclose information about mortgages. HMDA was originally enacted by Congress in 1975. These public data are important because they help show whether lenders are serving the housing needs of their communities; they give public officials information that helps them make decisions and policies; and they shed light on lending patterns that could be discriminatory. In October 2015, the Bureau issued the 2015 HMDA Final Rule, after a multi-year policy…
CFPB Issues Proposal to Clarify Mortgage Data Rule
Proposal Would Clarify Requirements and Help Companies Comply WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The changes proposed today would help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they are required to collect and report about their mortgage lending. "The Home Mortgage Disclosure Act shines a much-needed spotlight on the mortgage market, which is the largest consumer financial market in the world," said CFPB Director Richard Cordray. "Today's proposal reflects the Bureau's ongoing and substantive engagement with stakeholders in the marketplace, and will help industry meet its new reporting…
2018 HMDA Changes with Video and Beta Version Available (Updated)
As promised, we are releasing a special beta version of Comply 17, so that institutions can get a handle on where RATA is at with the changes and begin testing imports with the new data elements, if they are at that point. For those of you that just need to make sure RATA is on top of the changes, we have included a video that illustrates the new fields and imports to show you that it is implemented and works great. We have gone from 40 fields to 110 submittable fields so data collection will be a fun process. For those of you not familiar with the field changes and values, please download the 2018 File Specifications at https://www.consumerfinance.gov/data-research/hmda/static/for-filers/2018/2018-HMDA-FIG.pdf. The government has still not released the 2018 Edit Checks so really all…
CFPB Issues Proposal to Provide Flexibility to Certain Mortgage Lenders in Collecting Information
Proposed Rule Would Also Aid in Adoption of New Forms WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a proposal to amend Equal Credit Opportunity Act regulations to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. The CFPB believes the proposed amendments will provide greater clarity to lenders regarding their obligations under the law, while promoting compliance with rules intended to ensure consumers are treated fairly. "This law is a key part of the government's commitment to root out discrimination," said CFPB Director Richard Cordray. "This proposal will help industry comply with the law and help protect consumers against illegal discrimination." The Equal Credit…
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