Feedback Sought on HMDA Resubmissions

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MORTGAGE EXPERT
1 · 07 · 16

Feedback is sought on the resubmission of new data required by a recently finalized rule under the Home Mortgage Disclosure Act.

The Consumer Financial Protection Bureau issued a final rule on HMDA reporting requirements for lenders back in October 2015.

The rule requires home lenders to additionally report
property values, loan terms and the duration of teaser or introductory interest rates.

The final rule’s provisions impact activity that occurs on or after Jan. 1, 2018, and reported by March 1, 2019.

On Thursday, the CFPB said it
is seeking public feedback on the resubmission of HMDA data.

“Given these changes, the current resubmission guidelines may need to be updated,” the bureau said.

HMDA data is resubmitted when the CFPB
determines through an examination that supervised institutions need to correct and resubmit data.

The regulator wants feedback on what changes will be needed for resubmission.

“Specifically, the bureau’s notice published today asks for public comment on the bureau’s use of resubmission error thresholds and how they should be calculated,” the CFPB stated. “The notice also invites comments on whether the thresholds should vary with the size of the submission or kind of data, as well as the consequences for exceeding a threshold.

“Other topics addressed in the notice include how the bureau conducts its mortgage lending data integrity reviews and any technological or other changes that might be made to the data editing and collection process to help reduce errors.”

Comments need to reference
Docket No. CFPB-2015-0058. They can be submitted online at www.regulations.gov; by postal mail to Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street, NW, Washington, DC 20552; or by courier to Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1275 First Street NE., Washington, DC 20552.

More details are available online at http://files.consumerfinance.gov/f/201601_cfpb_request-for-information-regarding-home-mortgage-disclosure-act-resubmission.pdf.

Author

Mortgage Daily Staff

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