For the last few days I have had “You got the right stuff” playing over and over in my head. For you millennials out there this is a hit classic of The New Kids on the Block. It was our lovely Administrative Support Coordinator who first got me going on it, and from there it snow-balled. As a kid I would go to my aunt’s every day for daycare, and my cousins at the time were obsessed (this is putting it mildly) with NKOTB. So naturally after our admin was done with her lovely rendition, I was swept back to the days in my aunt’s living room where this was blaring out of the good ole cassette player. As I tried to replace the soundtrack in my head yesterday I had to laugh when I received the notification that the 2018 HMDA Getting it Right manual had been published. (Yes, I know this is a stretch but I am competing with Lincoln Hawk and Bull Harley here.)
Now some of you may still be working diligently on that 2017 submission, but for those you that have hit that submit button and are ready for 2018, this is the guide for you. In the past I have always found the FFIEC’s HMDA guide to be a helpful resource when preparing my data. This guide is really a one-stop shop for all your HMDA resources.
The first part of the guide provides a summary of the requirements. This summary is something we haven’t received yet when it comes to guidance on HMDA. You will see that the summary really focuses on defining what is and what is not reportable. For those of you that still get confused on what is a pre-approval and what is not, this is the section for you. From there, the guide is broken down into different appendices that are made up of a lot of the resources that are available on the CFPB’s implementation site. You will find the Reporting Overview Reference Chart, the Small Entity Compliance Guide, Instructions of Collecting GMI data, and other resources for reporting. The nice thing here is they are all in one place for you.
The 2018 submission will be here before we know it, so you’ll want to make sure that “you have the right stuff” as you prepare for this year.