Are bankers being subjected to new HMDA reporting requirements that simply expose them to controversy or do the data create opportunities for lenders to serve unmet needs of more prospective homeowners?
We probe these timely questions from a variety of perspectives in this issue of Community Developments. And the answers demonstrate, I believe, that the new HMDA data-reporting requirements are beneficial tools for any bank that is committed to shaping financial products and services to fit the needs of all of its customers. This is particularly true when banks partner with experienced housing counseling organizations to improve the creditworthiness and the financial savvy of potential homeowners who might not otherwise meet a lender's criteria for prime or even subprime financing.
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