Despite not taking effect until well over a year from now, changes to the Home Mortgage Disclosure Act are already becoming a source of concern for lenders, software firm QuestSoft found in its annual compliance survey results.
The Laguna Hills, Calif.-based company reported that 68% of lenders surveyed rated the new HMDA rules as a high concern, and another 27% said it was a medium concern.
And if the TILA-RESPA integrated disclosures are any indication, it will be a while before lenders feel differently about the HMDA changes.
QuestSoft discovered that 56% of respondents still ranked TRID as a high concern, even though the rules have been in place for more than half a year. The next highest-ranked concern among lenders was fair lending examinations, which were picked as a high concern by 32% of those surveyed.
Other areas of concern included higher scrutiny over CRA exams and vendor management.
