We are just a few short days away from the new HMDA rule implementation. What last minute details are your peers concerned most about? Why are people revisiting their existing HMDA data collection procedures? Listen in as I discuss with resident HMDA expert Melissa Kozicki!
Although we're just days away from the HMDA rule's January 1 effective date, there have been rumblings that the CFPB might be inclined to either delay or announce a one-year voluntary compliance period. A last-minute announcement is a real possibility, for which you should be prepared. What's your plan to deal with it?
Listen in as we continue our discussion with Jerra about the cross-qualification problem. In our last podcast, we learned about the cross-qual conundrum. Now, you'll learn how to educate your LOs about the right way to handle them.
Cross-Qualification = when the listing agent demands that your loan officer send a borrower's personal financial information, credit report and/or AUS findings to a competing lender prior to submitting an offer...or something like that.