PCi Unveils HMDA Guidance

PCi Corp., a Boston-based provider of lending compliance systems, has released suggested guidelines on how to handle the reporting of new pricing data under the Home Mortgage Disclosure Act.For the first time, financial institutions were required under HMDA to report rate spreads for approved mortgage loans, along with corresponding data such as lien status, PCi noted. "The new HMDA pricing information is creating significant uncertainty among lenders," said PCi president Raffi Festekjian. "Because so many lenders are coming to us seeking guidance, we want to share the basics of a practical strategy to best conduct HMDA pricing analysis in a manner that works for each lender." The company recommends a number of steps, including breaking down the data geographically and by business lines; refining analysis in areas with a high risk profile; and providing context for pricing patterns by citing factors such as credit, collateral quality, ability to pay, and debt load. PCi can be found online at http://www.pciwiz.com