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Mortgage industry raises concerns about new HMDA rules

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Since issuing the 2015 hmda rule and 2017 HMDA Rule, the Bureau has heard concerns about the burden associated with reporting certain of the new or revised data points relative to the value of the information in serving HMDA’s purposes.

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After more than three years, the implementation date for the Consumer Financial Protection Bureau’s amendment to Regulation C of the Home Mortgage Disclosure Act (HMDA) has finally arrived. While much has been written about the increased data points to be collected and reported under the rule, and the regulatory risks this presents to covered entities, the data privacy issues have been largely.

The Home Mortgage Disclosure Act came about shortly after I started in the industry in 1973. Since that time, many have asked how lenders can remain profitable and compliant in the face of HMDA.

Compliance resources and guidance to help industry understand, implement, and comply with the Home Mortgage Disclosure Act (HMDA) / Regulation C.. The TILA-RESPA integrated disclosure rule replaces four disclosure forms with two new ones. We have resources to help you comply.. Rule. Browse the Home Mortgage Disclosure Act final rules to.

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the new CFPB tool using the new file format. By January 2018, mandatory start for collecting the disaggregated data. By January 2019, report the full new data set to the new CFPB tool for 2018 data. By January 2020, large institutions (60,000 covered loans) begin quarterly HMDA data reporting.

 · On May 13, 2019, the CFPB announced that it intended to raise the reporting threshold for mortgage lenders under the Home Mortgage Disclosure Act (HMDA), a 1975 law that requires mortgage lenders to make certain mortgage data publicly available as a check to ensure compliance with fair lending laws.

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By Carl G. Pry, CRCM. F ew topics have generated as much attention this year than the new 2018 HMDA rules, from the expanded definition of a HMDA-reportable application (any dwelling-secured loan or line of credit is now covered) to the vast increase in data that must now be collected and submitted. In order to implement these changes, the effort cannot be limited to just compliance personnel.

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