Although HMDA reporting institutions are busily working on their submission of 2020 data, the CFPB recently announced the availability of a beta version of the HMDA reporting platform for 2021 data. (As previously reported, in early January 2021 the CFPB announced the availability of the platform for the submission of Home Mortgage Disclosure Act
CFPB General
CFPB Announces Availability of HMDA Filing Platform for 2020 Data
By Richard J. Andreano, Jr. on
The CFPB recently announced that the platform for the submission of Home Mortgage Disclosure Act (HMDA) data collected in 2020 is now available for the submission of the data. The platform may be accessed here. HMDA data for 2020 must be submitted on or before March 1, 2021.
A beta testing version of the…
CFPB Releases HMDA 2021 Regulatory and Reporting Reference Chart
By Richard J. Andreano, Jr. on
The CFPB recently released a regulatory and reporting overview reference chart for Home Mortgage Disclosure Act (HMDA) data to be collected in 2021. The CFPB notes that the chart is intended to be used as a reference tool for data points required to be collected, recorded, and reported under the HMDA rules, set forth in…
CFPB Issues RESPA Section 8 FAQs and Rescinds 2015 Marketing Services Agreement Bulletin
By Richard J. Andreano, Jr. on
The CFPB recently issued Frequently Asked Questions (FAQs) addressing the referral fee and fee splitting prohibitions under Section 8 of the Real Estate Settlement Procedures Act (RESPA). The CFPB also rescinded its Compliance Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements.
As previously reported, Bulletin 2015-05 is a good example of the…
CFPB Announces Release of HMDA Guides for 2021 Data
By Richard J. Andreano, Jr. on
On August 21, 2020, the CFPB announced the release of the Home Mortgage Disclosure Act (HMDA) Filing Instruction Guide (FIG) for data that must be collected in 2021 and reported in 2022. The CFPB also announced the release of the Supplemental Guide for Quarterly Filers that also applies to 2021 data. HMDA requires the quarterly…
Federal court rejects Madden and finds loan valid when made per OCC final rule, but remands case to allow discovery on true lender question
By Jeremy T. Rosenblum & Mindy Harris on
In an order issued August 12, 2020, the United States District Court for the District of Colorado relied on the OCC’s “Madden fix” rule to hold that, under Section 27 of the Federal Deposit Insurance Act, 12 U.S.C. § 1831d, a promissory note with an interest rate that was valid when made remains valid…
CFPB Updates HMDA FAQs
By Richard J. Andreano, Jr. on
The CFPB recently updated its Home Mortgage Disclosure Act (HMDA) FAQs to add two items regarding multiple data points.
In one FAQ, the CFPB confirms that a lender must report the credit score, debt-to-income (DTI) ratio and combined loan-to-value (CLTV) ratio if they were a factor relied on in making a credit decision, even if…
CFPB Revises Confusing ECOA Valuations Rule Factsheet
By Richard J. Andreano, Jr. on
Posted in CFPB General, Mortgages
As previously reported, at the end of April 2020, the CFPB issued two factsheets regarding the Equal Credit Opportunity Act (ECOA) and Regulation B provisions that require creditors to provide the applicant with a copy of any written appraisal or other valuation developed in connection with an application for a first lien mortgage loan…
New CFPB Factsheets Addressing ECOA Valuations Rule Are Likely to Create Confusion Regarding Coverage
By Richard J. Andreano, Jr. on
Posted in CFPB General, Mortgages
The CFPB recently issued two factsheets regarding the Equal Credit Opportunity Act (ECOA) and Regulation B provisions that require creditors to provide the applicant with a copy of any written appraisal or other valuation developed in connection with an application for a first lien mortgage loan to be secured by a dwelling (ECOA Valuations Rule).…
CFPB Publishes TRID FAQ’s on Treatment of Lender Credits
By Amanda E. Phillips on
The CFPB recently published ten new TRID FAQs related to lender credits.
Previously the CFPB staff provided informal verbal guidance regarding lender credits, and the 2017 amendments to the TRID rule, often referred to as TRID 2.0, added commentary to TRID provisions of Regulation Z that address the disclosure and treatment of lender credits. However,…