twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Financial Regulation News | Mortgage Regulations
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.
CFPB Eases New HMDA Requirements

Dodd-Frank required expanded data collection

Dec. 22, 2017

By Mortgage Daily staff

New requirements for reporting loan activity under the Home Mortgage Disclosure Act have been somewhat relaxed by the Consumer Financial Protection Bureau.

The Dodd-Frank Wall Street Reform and Consumer Protection Act required the bureau to expand HMDA data collected and reported such as underwriting and pricing. It also authorized the bureau to require other data.

Technical corrections were outlined in a CFPB final rule issued in August. The rule also clarified reporting requirements and increased the threshold for collecting and reporting data on home-equity lines of credit for two years. 

Beginning with loan applications taken in 2017 and reported in 2018, financial institutions will be required to submit the expanded HMDA data using a new CFPB online platform.

In a notice issued on Thursday, the regulator said that it doesn't intend to require financial institutions to resubmit data unless data errors are material or to pay penalties with respect to data errors.

"Accordingly, collection and submission of the 2018 HMDA data will provide financial institutions an opportunity to focus on identifying any gaps in their implementation of the additional requirements and making improvements in their HMDA compliance management systems for future years," the notice stated. "The bureau expects that any supervisory examinations of 2018 HMDA data will be diagnostic, to help institutions identify compliance weaknesses, and will credit good-faith compliance efforts."

The CFPB noted that it plans to use the rulemaking process to reconsider various aspects of the 2015 HMDA rule. This includes institutional and transactional coverage tests and the rule's discretionary data points.

"More specifically, the rulemaking may re-examine lending-activity criteria that determine whether institutions are required to report mortgage data," the statement said. "The rulemaking may also look at adjusting the new requirements to report certain types of transactions. Finally, the rulemaking may re-assess the additional information that the rule requires beyond the new data points specified under the Dodd-Frank act."

A written statement from Independent Community Bankers of America President and Chief Executive Officer Camden R. Fine said the trade group strongly supports the CFBP's announcement and welcomes the planned rulemaking.

Fine said the trade group has been asking the CFPB and Congress to delay HMDA implementation and increase the reporting threshold to 1,000 closed-end mortgages and 2,000 HELOCs.

"As the CFPB acknowledged in its statement, new HMDA regulations scheduled to take effect on Jan. 1 pose significant systems and operational challenges for financial institutions and third-party vendors," Fine stated. "Left unaddressed, these mandatory reporting requirements would divert critical community bank resources that would otherwise be used to serve American consumers while posing privacy concerns for borrowers."

next story

back to current headlines

Mortgage Compliance News | Mortgage Compliance Newsletter | Mortgage Regulations
News about complying with mortgage laws, rules and regulations.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders