Feature Requests

Summary
Develop a robust HMDA (Home Mortgage Disclosure Act) reporting module within LendingWise to streamline compliance with HMDA regulations. This module will allow compliance teams to manage data entry while enabling borrowers to input required fields like sex, race, and ethnicity. The module will generate HMDA-ready Excel files with appropriate codes for filtered loan files that meet HMDA reporting criteria.

Description

The HMDA reporting module will have the following core components:

Borrower-Facing Data Entry
Borrowers will be able to enter their HMDA-related information (e.g., sex, race, ethnicity) through a simple and secure portal interface. Fields will be pre-defined to ensure compliance with HMDA standards and avoid data entry errors.

Compliance Team Management

Provide the compliance team with tools to review, update, and validate HMDA data for all applicable loans.
Enable batch editing and validation of HMDA data for efficient management.
Include flags or reminders for missing or incomplete data to ensure reporting accuracy.
Data Validation and Error Checking

Implement validation rules aligned with HMDA guidelines to flag inconsistent or missing data.
Offer a summary view to check the status of HMDA data across the portfolio.
Filtering and Reporting

Allow compliance teams to filter loans based on HMDA qualifying criteria, such as loan purpose, property type, or loan amount thresholds.
Include advanced filtering options to target specific loan groups for reporting purposes.
HMDA-Ready Export

Generate an Excel file formatted to HMDA specifications, with the correct codes and identifiers for each loan.
Ensure the file adheres to FFIEC (Federal Financial Institutions Examination Council) standards for easy submission.
Audit Trail

Maintain a detailed audit log of data entry and changes for compliance and regulatory review.
Track user activities related to HMDA data for accountability.
Benefits

Simplifies compliance with HMDA regulations by consolidating data collection and reporting into one module.
Saves time and reduces errors with built-in validation and error-checking tools.
Improves transparency and accountability with an audit trail.
Enhances borrower experience by enabling direct input of required data fields.
Makes reporting efficient by exporting HMDA-ready files that meet regulatory submission requirements.
This module will position LendingWise as a compliance-friendly solution for lenders dealing with HMDA reporting obligations.