Skip to main content

CFPB Updates HMDA Filing Procedures

Phil Hall
Jul 05, 2018
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 issued an update regarding procedural changes connected to the Home Mortgage Disclosure Act (HMDA).
 
The agency noted the Economic Growth, Regulatory Relief, and Consumer Protection Act that was signed into law in May, adding that “partial exemptions for some insured depository institutions and insured credit unions from certain HMDA requirements” applied to closed-end mortgage loans if the institution originated fewer than 500 closed-end mortgage loans in each of the two preceding calendar years. The CFPB added that the partial exemption also applied to open-end lines of credit if the institution originated fewer than 500 open-end lines of credit in each of the two preceding calendar years.
 
Furthermore, the CFPB stated that it “expects later this summer to provide further guidance on the applicability of the Act to HMDA data collected in 2018.” The agency also noted that the recently enacted legislation will not impact the formatting of the loan application registers of financial institutions filing HMDA data collected in 2018. However, a beta version of the HMDA Platform for submission of data collected in 2018 is expected to be available for financial institutions to test later this year.

 
Published
Jul 05, 2018
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
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