The CFPB recently released modified Home Mortgage Disclosure Act (HMDA) loan application registers of approximately 5,400 financial institutions for calendar year 2018.
Calendar year 2018 is the first year that the mortgage industry collected HMDA data under the modified, and significantly expanded, data reporting requirements under the revised HMDA rule adopted in October 2015 by the CFPB. As we previously reported, the CFPB modifies loan application registers by removing or altering certain data points to protect the privacy of consumers. Unfortunately, the CFPB’s approach to modifying the loan application registers emphasizes public disclosure over consumer privacy concerns. The CFPB plans to engage in rulemaking to address the October 2015 amendments to the HMDA rule, as well as the CFPB’s approach to the public release of HMDA data. This will provide interested parties with another opportunity to voice consumer privacy concerns.
In announcing the release of the HMDA data, the CFPB also advised that later this year additional information will be published related to HMDA, including a complete loan level dataset, HMDA aggregate data reports and HMDA individual institution disclosure reports.