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HMDA Rule Released, Many Small Depositories Will Be Exempt
Friday, October 16, 2015
The Consumer Financial Protection Bureau (CFPB) has issued its final
rule outlining information lenders must report under the Home Mortgage
Disclosure Act (HMDA). CFPB said the
rules that have been in place regarding HMDA data have not kept pace with the
market's evolution, For example, not providing adequate information about
certain loan features that helped contribute to the mortgage crisis, such as
adjustable-rate mortgages and non-amortizing loans.
originally enacted in 1975, requires many lenders to report information about
the home loans for which they receive applications or that they originate or
purchase. In 2014, 7,062 financial institutions reported information about
approximately 11.9 million mortgage applications, preapprovals, and loans.
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