CFPB publishes HMDA Transactional Coverage Chart
The Consumer Financial Protection Bureau (CFPB) recently published a HMDA Transactional Coverage Chart that assists in determining whether a transaction is reportable under HMDA. The Chart is effective Jan. 1, 2018, for all loan applications involving a Covered Loan and may be accessed from the CFPB’s Implementation & Guidance page on its Web site.
CFPB publishes Filing Instructions Guide for HMDA data collected in 2017
The CFPB recently published a Filing Instructions Guide for HMDA data collected in 2017. Beginning with HMDA data collected in 2017 and submitted in 2018, the CFPB will take over control of the receipt and processing of HMDA data from the Federal Reserve Board. The Filing Instructions Guide may be accessed from the CFPB’s Web site.
HUD/VA addendum to URLA (Form 92900-A)
The Federal Housing Administration (FHA) has published the final version of the revised HUD/VA Addendum to the Uniform Residential Loan Application (Form 92900-A). As a reminder, this updated form is effective for all FHA Case Numbers assigned on or after Aug. 1, 2016, and the revised version of the HUD/VA Addendum may not be used until its effective date.
Colorado disclosures retired
Selected provisions of the Colorado "Mortgage Loan Originator Licensing and Mortgage Company Registration Act" governing disclosures to borrower(s) of certain costs and fees were repealed, effective March 16, 2016. As a result of the repeal of those provisions pursuant to Senate Bill 16-014, Colorado mortgage loan originators will need to follow instead federal statutes and rules governing disclosure requirements and other activities of loan originators.
GSEs announce UCD Delivery Requirement for Q3 2017
The Uniform Closing Dataset (UCD) is a common industry dataset that allows information on the CFPB’s Closing Disclosure to be communicated electronically. Fannie Mae and Freddie Mac (the GSEs) have developed the UCD at the direction of the Federal Housing Finance Agency (FHFA) as part of the Uniform Mortgage Data Program (UMDP). The GSEs announced on May 24, 2016, that they will require delivery of the UCD in Q3 2017 for all loans acquired by Fannie Mae or Freddie Mac. For more details, check the UCD page on Fannie Mae’s Web site.
Melanie A. Feliciano Esq. is DocMagic Inc.’s chief legal officer and currently serves as editor-in-chief of DocMagic’s electronic compliance newsletter, The Compliance Wizard. She received her JD from the Georgetown University Law Center, and is licensed in California and Texas. She may be reached by phone at (800) 649-1362 or e-mail [email protected].
This article originally appeared in the August 2016 print edition of National Mortgage Professional Magazine.
