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planning ahead continued from page 87 those UI applications in terms of user experience. If you multiply the number of final 1003 sections by the potential impact on four interfaces, some significant complexities quickly come into view. Another important impact is the requirement to report HMDA data in an electronic format starting in 2018. This means that origination systems must be able to generate the Loan Application Register and submit it to the Web-based submission tool currently being developed by the CFPB. And we're just scratching the surface in terms of the many wide and deep layers of impact across nearly every operational category. Richard Gagliano is managing director, product development for Black Knight Origination Technologies. Rich is responsible for overseeing the product roadmap, requirements and delivery of existing and new technologies within the Empower and LendingSpace suites. With more than 20 years of experience in the financial services industry, he brings a wide range of lending product experience to this division. 97 n National Mortgage Professional Magazine n SEPTEMBER 2016 As we learned with TRID, even the best readiness plans don't always go as intended, twists and turns, at the end of the day the industry will certainly rise to this latest challenge. NationalMortgageProfessional.com Leveraging the lessons of TRID The implementation challenges and risks associated with collecting and publishing all the data associated with HMDA are clearly very significant. However, because the timing of HMDA follows closely on the heels of TRID, we can leverage some of the relevant lessons learned from the TRID implementation t, as follows: l Collaboration is vital across the industry, particularly between lenders and their technology and document providers. Seek out change management best practices and look for opportunities to confer with colleagues and subject-matter experts. l Ensure that the impacts of implementing the expanded HMDA data collection requirements are fully understood, both at the organizational level, as well as beyond the organization to the wider group of stakeholders-including customers, business partners, vendors and regulators. l Even when all the pieces of the puzzle are still unknown, move as far forward as you can with what you do know. Conduct a thorough impact assessment, develop a wellformulated implementation plan, and of course, work through the contingencies associated with a variety of scenarios for areas that are still uncertain. especially in an environment where change can occur very quickly, and for a variety of reasons. We also saw-once again-how interconnected the industry is, and how powerful that can be when we work in tandem toward the same goals. The new HMDA requirements will enable a great deal of important analysis and deliver insightful feedback on how well the industry serves its many unique and varied customers. While the distance between today and the future state- currently set for January. 1, 2018-is likely to see some http://www.NationalMortgageProfessional.com http://nawrb.com

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