Skip to main content

CFPB Temporarily Alters HMDA Reporting for Banks and Credit Unions

Phil Hall
Aug 25, 2017
Mortgage application activity enjoyed a healthy boost last week, due primarily to a vibrant burst of refinancing applications

The Consumer Financial Protection Bureau (CFPB) has responded to financial services industry concerns by temporarily changing the reporting requirements in the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule for banks and credit unions that issue home-equity lines of credit.

Under rules that are scheduled to take effect in January, financial institutions would have been required report home equity lines of credit if they made 100 such loans in each of the last two years. With this updated rule, the threshold was raised to 500 loans through calendar years 2018 and 2019. The CFPB stated it would consider whether to make a permanent adjustment to this aspect of HMDA in 2020.
 
“The Home Mortgage Disclosure Act is a vital source of information on the health and fairness of the mortgage market,” said CFPB Director Richard Cordray. “Today’s amendments show that the Consumer Bureau is committed to ensuring that financial institutions are able to comply with the rule, and to promoting transparency across the largest consumer financial market in the world.”
 
The CFPB also offered a clarification on the information that financial institutions are required to collect and report about their mortgage lending. According to the agency, these clarifying certain key terms including “temporary financing” and “automated underwriting system.” Another change is designed to facilitate reporting the census tract of a property, using a geocoding tool that will be provided on the Bureau’s website.
 
Published
Aug 25, 2017
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021