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CFPB Issues Proposal to Clarify Mortgage Data Rule
On Thursday, April 13, 2017, the CFPB issued a proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The proposed rule aims to help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information financial institutions are required to collect and report about their mortgage lending.
“The Home Mortgage Disclosure Act shines a much-needed spotlight on the mortgage market, which is the largest consumer financial market in the world,” said CFPB Director Richard Cordray in a statement. “Today’s proposal reflects the Bureau’s ongoing and substantive engagement with stakeholders in the marketplace, and will help industry meet its new reporting obligations.”