Effective January 1, 2004, a number of changes have been made to the Home Mortgage Disclosure Act (HMDA) reporting requirements. Some of the changes include the following: (1) lenders subject to HMDA reporting requirements are required to report the "rate spread" for each loan they originate and applications that do not result in an origination (the rate spread is defined as the difference between the APR on a loan and the rate on Treasury securities with comparable maturity periods for loan originations in which the APR exceeds the applicable rate by a percentage specified by the Federal Reserve Board); and (2) lenders must report whether a particular loan is subject to the Home Ownership and Equity Protection Act of 1994 (HOEPA). The rate spread and HOEPA status information have been incorporated into DocMagic's HMDA-LAR reporting capabilities.
If you are a DocMagic customer and wish to receive HMDA-LAR data for your 2004 loan originations, just follow these easy steps:
- Visit DocMagic's "Web Services."
- Log in (please note: you must be the "account administrator" in order to log in.)
- Click on "Report Manager."
- Click on "HMDA."
- Enter in the required information and submit.
A report will be generated containing HMDA-LAR information in DSI's possession in a format consistent with the requirements of the HMDA Data Entry System. Depending on the amount of data, this report generation could take quite a bit of time to prepare. Once the report is generated, we will send an email containing a link to the report. You will be asked to log in again to confirm your identity as the intended recipient of the report. Once you have downloaded and saved the report, you will be able to import the report information into the HMDA software.
Contact our Customer Service department at (800) 649-1362 if you have any questions or comments.
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