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CFPB Proposes HMDA Update

Phil Hall
Apr 13, 2017
The Consumer Financial Protection Bureau has announced that it has taken measures to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic

The Consumer Financial Protection Bureau (CFPB) has announced a proposal to amend the 2015 updates to the Home Mortgage Disclosure Act (HMDA) Final Rule in regard to information that lenders are required to collect and report related to their home loan activity.
 
The CFPB noted that although most of the updated requirements will take effect in January 2018, it has “identified opportunities to clarify parts of the 2015 HMDA Final Rule, which would help financial institutions comply.” Among these clarifications are clearer definitions of terms including “temporary financing” and “automated underwriting system,” plus the creation of transition rules for reporting certain loans purchased by financial institutions and the introduction of a new online geocoding tool that can be used to facilitate reporting the census tract of a property. 
 
“The CFPB is committed to well-tailored and effective regulations and has sought to carefully calibrate its efforts to ensure consistency with respect to consumer financial protections across the financial services marketplace,” said Terry J. Randall, counsel for the CFPB.
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