Comply News

Comply 17.11 Now Available

Added on May 23, 2018

Comply 17.11 is now available for download. This version incorporates all of the earlier 17 releases and can be implemented at your earliest convenience. Since our 17.1 release in March, there have been changes made to Comply that affect both CRA and HMDA reporters. For CRA reporters, the 17.1 update inadvertently ceased to round the Loan Amount, which has been corrected in this release. There have also been a couple edit changes made to correct some Validity and Quality edits as published by the CFPB, including the Q617 edit. At the moment, we believe this new version of Comply is fully in sync with the 2018 CFPB FIG edit specifications as they have not published any changes since February. As always, check the changes document to see a list of all changes to decide the update priority…

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UPDATE: The Official 2017 Peer HMDA data is now available

Added on May 14, 2018

The Official 2017 Peer HMDA data is now available for Comply DataMine and the Peer-2-Peer website. The data is available on the RATA Support Site. If you downloaded and installed the pre-release version of the data, this will simply overwrite the old data. The DataMine tool allows institutions to create Excel pivot tables and custom reports with the peer data and also compare it to your current HMDA data. Once you have installed this data you will have to do a full Sync in Datamine to use it. The Peer-2-Peer product is a web-based tool designed to help you understand how your institution is lending compared to specific peers or the rest of the industry. The Peer tool can help you see Summary Lending data for any submitting institution as well as Ranking reports and Market Share reports.…

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Comply 17.1 Now Available and Highly Recommended

Added on March 29, 2018

Comply 17.1 is now available for download. This version incorporates all of the earlier 17 releases and should be implemented at your earliest convenience. For the last few months the CFPB has made many updates to the 2018 FIG that affect both the data field formatting and the edits. As of this minute, we believe this new version is fully in sync with the FIG. As usual, check the changes document to see what else has changed to decide the update priority for your institution. Because much of this update has to do with 2018 FIG changes we strongly recommend that you install this version ASAP. In addition to the CFPB changes, this version has enhancements and new functionality. The biggest new feature is the introduction of our new Comply Dashboard View which allows users to create…

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CFPB Not Accepting Leading Zeros or Hyphens in HMDA Respondent ID

Added on January 11, 2018

It has come to our attention that the CFPB is still making changes to the 2017 HMDA submission portal. We have just heard (1/9/18) that they changed the formatting of the Respondent ID field. It is now required that all institutions remove leading zeros and the hyphen for those reporters that use their Tax ID as Respondent ID. The hyphen is still required for the Tax ID field. This represents a huge hurdle for the industry because all HMDA submission tools are designed to make that field 10 digits. This was not mentioned in the 2017 FIG and did not flag as an issue when institutions uploaded test files to the HMDA Platform. Now a recent change causes a syntactical edit, S025, when leading zeros or hyphens are present in the Respondent ID field. Your submission file will not be accepted if…

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HMDA enforcement defanged by Trump-led regulators

Added on December 28, 2017

HMDA enforcement defanged by Trump-led regulators

December 22, 2018  It's been a major issue for our industry. In fact, one of our feature stories for the December magazine, written by our Managing Editor Sarah Wheeler, details the new risks HMDA reporting represents for lenders. And earlier this year HousingWire warned lenders that if they think compliance is hard now, just wait until the new HMDA regulations kick in. Most of the 2015 updates to HMDA take effect in January 2018. However, now, both the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau — both now led by Trump-administration leaders (more, below) — announced they will not be assessing penalties on HMDA data collected in 2018 and reported in 2019. What's more, the CFPB also intends to open a rulemaking to reconsider…

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