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CFPB Proposes New Changes to HMDA

The Consumer Financial Protection Bureau on Thursday proposed a series of clarifications to its 2015 Home Mortgage Disclosure Act rule, which according to mortgage industry seemed to be too oppressive. The proposal includes two “transition rules” for two new data points — loan purpose and the unique identifier for the loan originator — under certain circumstances.

For the unique originator identifier, Companies reporting HMDA data can enter “not applicable”for loans originated before January 2014, as well as for certain commercial loans issued before January 2018. Also it is not obligatory for banks to report the loan purpose in certain cases, such as short-term loans to finance a home construction meant-for-sale.

The proposal also makes some technical accommodations forfinancing the construction of a home that will be financed through more traditional means at a later time.

News Characteristics

Date : Apr 15, 2017
Region : North America
Industry : Mortgage Companies
Function : Regulation and Compliance
Sub-Function : Regulatory changes