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CFPB will update mortgage data rule

Joe Mont | April 14, 2017

The Consumer Financial Protection Bureau has issued a proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The changes are intended to clarify the information companies are required to collect and report about their mortgage lending.

HMDA requires many financial institutions to maintain, report, and publicly disclose information about mortgages. The information is used by the government to assess whether lenders are serving the housing needs of their communities, to inform policy decisions, and uncover discriminatory lending patterns.

In October 2015, the CFPB implemented Dodd-Frank amendments to HMDA, changing the types of institutions and transactions subject to the regulation, the types of data that institutions are required to collect, and the processes for reporting and disclosing that required data. Most of the updated... To get the full story, subscribe now.