HMDA Tools Available Online

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MORTGAGE EXPERT
12 · 27 · 17

Three new tools that are part of the online platform for reporting data required by the Home Mortgage Disclosure Act are now available.

Beginning on Jan. 1, 2018, home lenders will be able to utilize a new HMDA Platform
to submit data collected last year as required by the law.

This includes uploading HMDA files,
performing validation on the data and reviewing edits as well as submitting HMDA data and completing the HMDA filing process.

The beta release of the platform is online at https://ffiec.cfpb.gov/.

On Wednesday, the Consumer Financial Protection
Bureau revealed new tools that are immediately available. This includes a rate spread calculator, which is online at https://cfpb.github.io/hmda-platform-tools/rate-spread/.

It also includes a Check Digit Tool at https://cfpb.github.io/hmda-platform-tools/check-digit/.

Finally, a
searchable HMDA Self Service Knowledge Portal is located at https://hmdahelp.consumerfinance.gov/knowledgebase/s/.

“The CFPB provides the new Rate Spread Calculator for use with data collected in or after 2018,” the notice states. “The Check Digit Tool and Rate Spread Calculator will remain available to financial institutions throughout the 2018 collection period and thereafter to support calculation of data field values required for reporting HMDA data.”

Author

Mortgage Daily Staff

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