OK, maybe your institution isn’t as excited as our mortgage operations team is, but HMDA is the Q4 buzzword around here.
The CFPB estimates the average cost to maintain ongoing HMDA compliance will range from $9 a loan for institutions originating 2,500 mortgage loans per month, up to $57 per loan for mortgage lenders originating 13 mortgage loans each month.(1) Implementing, training and tracking the new HMDA information is a cost all to it’s own. Community lenders are certainly feeling the burden of the extra overhead tied to the upcoming HMDA requirements.
If HMDA 2018 is making you grimace, maybe it’s time for a flexible solution. Northpointe Community Lending provides quarterly HMDA reporting for private label partners, tracked through state of the art software operations systems. Our per-loan fulfillment pricing creates a predictable track for budgets and costs. With Northpointe’s private label fulfillment services, mortgage loans close in your company’s name, maintaining brand identity and strengthening your customer bond.
If you are interested in learning more about our private label fulfillment solution, visit our website at nplend.com or contact Neil Armstrong at 1-866-901-3576.