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CFPB Issues Letters to Lenders to Ensure HMDA Compliance
On Thursday, October 27, 2016, the CFPB issued warning letters to 44 mortgage lenders and mortgage brokers advising them they may need to report Home Mortgage Disclosure Act (HMDA) data. The warning letters caution that certain entities meeting specific criteria are required to collect, record, and report mortgage lending data. While there is not necessarily a violation, the letters indicate the recipients should review their practices to ensure they comply with all relevant laws. The companies are encouraged to respond to the Bureau to advise if they have taken, or will take, steps to ensure compliance with the law.