Articles Tagged with ''Home Mortgage Disclosure Act''

CFPB finds Freedom Mortgage intentionally reported inaccurate HMDA data

Bureau hits Freedom with fine for HMDA reporting errors
Loan officers at Freedom Mortgage intentionally reported inaccurate Home Mortgage Disclosure Act data over a several-year period, the CFPB said Wednesday. According to the bureau, an investigation found that Freedom reported "inaccurate race, ethnicity, and sex information" and that "much of Freedom’s loan officers' recording of this incorrect information was intentional" during that time. Click the headline for details.
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CFPB proposes new HMDA rules

New rules would increase reporting threshold for mortgages
Last year, the Consumer Financial Protection Bureau relaxed some of the requirements for the data collection and reporting stipulated by the Home Mortgage Disclosure Act. Now, the CFPB is proposing to ease the HMDA reporting requirements even more. Click the headline for the full story.
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CFPB modifies HMDA data disclosure, issues 2019 guidance

Bureau announces changes to how it will disclose loan-level data
The Consumer Financial Protection Bureau announced it has issued new guidance on Regulation C of the Home Mortgage Disclosure Act in an effort to protect consumers’ privacy. The new policy guidance that affects loan-level data that is publicly disclosed via HMDA, beginning in 2019. Here's what is changing in the new year.
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UPDATE: CFPB details HMDA exemptions

Small-volume lenders can forgo some reporting requirements
The CFPB is taking the sting out of HMDA. The bureau now says lenders that originated fewer than 1,000 loans in the past two years can bypass some of HMDA's reporting requirements – a move that plays into the Trump administration's mission to scale back regulatory authority.
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MBA, NMHC, others call on CFPB to change multifamily HMDA rules

Want exemption from HMDA reporting for business-to-business loans
The Mortgage Bankers Association, the National Multifamily Housing Council, and several other prominent trade groups are calling on the Consumer Financial Protection Bureau to change the Home Mortgage Disclosure Act rules for multifamily lending. The groups want the CFPB to completely exempt multifamily business-to-business lending from HMDA reporting requirements.
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LenderClose launches HMDA compliance tool

Allows community banks, credit unions to export HMDA data fields
LenderClose announced it is launching a new compliance tool to help companies navigate the Home Mortgage Disclosure Act. Its new tool will allow community banks and credit unions to validate and export HMDA required data fields to meet the requirements set by the Consumer Financial Protection Bureau.
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House passes bill that eases HMDA requirements for smaller lenders

Home Mortgage Disclosure Adjustment Act passes in partisan vote
Lenders have only had to comply with the new Home Mortgage Disclosure Act rules for a little more than two weeks, but the Trump administration has already signaled that it will not be assessing penalties on HMDA data collected in 2018 and reported in 2019. And if Republicans in Congress have their way, even fewer lenders will have to comply with the new HMDA rules at all.
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Your top 10 HMDA questions answered: Part 10

How should LOS providers differentiate to help lenders today?
The Home Mortgage Disclosure Act deadline looms closer, but many questions still remain unanswered. In this 10th and final part of the series, experts discuss how LOS providers should differentiate to help lenders today.
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Your top 10 HMDA questions answered: Part 9

What should be keeping a lender awake at night now?
The Home Mortgage Disclosure Act deadline looms closer, but many questions still remain unanswered. And as the January 1 deadline moves closer, experts explain what final challenges should be keeping lenders awake at night.
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Your top 10 HMDA questions answered: Part 8

Where should lenders currently be in the process of preparing for HMDA?
The Home Mortgage Disclosure Act deadline looms closer, but many questions still remain unanswered. Where should lenders currently be in the process of preparing for HMDA? In short, experts explain that with the HMDA deadline nearly here, lenders should be ready.
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