Mortgage software firm Financial Industry Computer Systems Inc. (FICS) recently completed a final set of enhancements to its Loan Producer loan origination system (LOS) in advance of the January 2018 go-live date for the Consumer Financial Protection Bureau’s (CFPB) newest HMDA rules.
In a release, FICS says these latest system changes, as well as those implemented earlier in 2017, will provide its Loan Producer customers with ample opportunity to begin collecting data and creating and testing 2017 and 2018 HMDA files.
The 2017 HMDA file can be further tested by uploading to the CFPB’s new HMDA portal, the company says.
As part of the latest release of Loan Producer updates, users now have access to all the data fields required for the 2018 collection year and can also begin creating their new 2018 files.
More specifically, users now have the ability to enter their newly acquired Legal Entity Identifier (LEI) and create the Universal Loan Identifier (ULI) in order to accommodate the 2018 HMDA changes.
QuestSoft, a provider of automated compliance software, offers Instant HMDA as an integrated solution within FICS’ Loan Producer system. FICS and QuestSoft worked together to provide customers with an additional resource for HMDA data validation.
As per the release, QuestSoft has agreed to provide all Loan Producer customers free access to the Instant HMDA platform for 90 days.
“These latest updates from the CFPB represent the most significant changes to HMDA since it was originally introduced and will likely present lenders with challenges prior to the go-live date and beyond,” says Leonard Ryan, president of QuestSoft. “With free access to Instant HMDA in addition to FICS’ updates throughout 2017, Loan Producer customers will be well-equipped to handle the evolving regulatory landscape as we enter the new year.”