Congratulations! You’ve survived TRID. You’ve adjusted to the Qualified Mortgage standards. All of your loan officers have been licensed in compliance with the NMLS standard.
But don’t relax now. The CFPB’s next wave-the Home Mortgage Disclosure Act (HMDA) – is bearing down. While the revisions to HMDA will be less intrusive than the recent TRID changes, this is still a major revision to a law that has not changed in more than a decade. The good news is that the standards do not go into effect until January 1, 2018. This gives lenders and their technology partners a little over a year to prepare.