CFPB Updates HMDA Filing Procedures
July 5, 2018
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.
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