Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster.

Brokers, Here’s Everything You Need to Know About Rocket Pro TPO

Want to stay up to date with the latest on what Rocket Pro TPO is offering its broker partners? Check out our TPO hub for updates and more.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

Loan quality lessons learned from 2020

HousingWire recently spoke with Trevor Gauthier, CEO of ACES Quality Management, about the effects of 2020 on loan quality and what lenders should expect regarding loan quality and risk management this year.

Politics & MoneyMortgage

UPDATE: CFPB details HMDA exemptions

Small-volume lenders can forgo some reporting requirements

Lenders that originated fewer than 1,000 loans in the past two years can bypass some of the data collection and reporting required by the Home Mortgage Disclosure Act, the Consumer Financial Protection Bureau said in a statement issued Thursday.

Specifically, partial exemptions now apply to insured depository institutions and credit unions that originated fewer than 500 closed-end mortgage loans or 500 open-end lines of credit in each of the two preceding calendar years.

The CFPB’s statement was an amendment to the Economic Growth, Regulatory Relief, and Consumer Protection Act, which President Donald Trump signed in May to roll back some of the oversight mandated by Dodd-Frank.

Part of Trump’s act provides partial exemptions to HMDA, a law enacted in the 1970s that requires lenders to publicly report mortgage data. Designed to prevent discrimination, HMDA has long been a thorn in the side of the lending community.

But with the Trump administration’s working to scale back regulatory authority, HMDA might have less of a bite.

Under the recent amendment, the CFPB has exempted the institutions that meet the requirements above from “the collection, recording, and reporting requirements for some, but not all, of the data points specified in current Regulation C” of HMDA.

The bureau said this will not affect the format of the Loan/Application Registers for institutions filing HMDA data collected in 2018. It also said it expects to provide further guidance on the applicability of the Act to HMDA data collected in 2018 later this summer.




Most Popular Articles

The housing market outsmarted the foreclosure crisis

This isn’t 2008. A bevy of loss mitigation waterfalls, forbearance safety nets and an abundance of equity gave Americans a fighting chance when the foreclosure crisis finally sunsets. HW+ Premium Content

Jun 18, 2021 By

Latest Articles

Refinance’s reign continued to wane in May

Though the number of high-quality refi candidates grew from 12 to over 14 million from March through May — a 15% increase — actual refinance rate locks dropped by 27% over the same period, according to recent data from Black Knight’s Originations Market Monitor.

Jun 21, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please