An Early HMDA Christmas Present? Happy Holidays!
Photo by Caley Dimmock on Unsplash
As you know by now, the HMDA data collection update has been a major talking point throughout the industry. If you’re not sure what I’m talking about, HousingWire put out a nice mini-series of articles explaining what’s changing and answering all your questions. Lenders and loan originators have been gearing up to meet the new reporting requirements that are set to go into effect starting next month to avoid the expected heavy fines that would result if such requirements weren’t met….but there’s good news! The Trump Administration announced that they will NOT be assessing penalties on the new HMDA data collected in 2018 and reported in 2019. This is a nice surprise (and an early Christmas present for those that aren’t prepared) and gives the industry a little more time to get up to speed. Is this delay put in place to help the Administration further their deregulation efforts? I’ll let you be the judge.
Christmas is 3 days away and most people have already started their holiday break. This next week is going to fly by and 2018 will be here before you know it. The good news is that the holiday stress will be over, and we will get a fresh start on a new year – but before that happens, take some time to appreciate the moments that you share with friends and family this holiday season.
I wish you all a very Merry Christmas and Happy Holidays!
The opinions expressed in this post are the sole view of the writer and do not reflect the opinion of Princeton Mortgage Corporation.