As we previously reported, in October 2015, the CFPB adopted significant revisions to Regulation C, the Home Mortgage Disclosure Act (HMDA) rule, most of which become effective January 1, 2018. As a result of the revisions, the reporting of home equity lines of credit (HELOCs) under HMDA, which is currently voluntary, will become mandatory
HMDA Final Rule
CFPB proposes revisions to HMDA final rule
On April 13, 2017, the CFPB proposed substantive changes and technical corrections to the 2015 Home Mortgage Disclosure Act (HMDA) Final Rule (Final Rule) amending Regulation C. The proposal, which is discussed in more detail here, would clarify certain key terms under the Final Rule, including temporary financing, automated underwriting system, multifamily dwelling, extension…
Updated HMDA resources for data collected in 2017 and 2018
As we have previously discussed, on October 15, 2015, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring certain data on mortgage applications and loans to be collected in 2017 by “Covered Institutions.” The 2017 HMDA institutional chart provides guidance on…
HMDA resources for data collected in 2017 and 2018
As we have reported, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring “Covered Institutions” to report certain information about mortgage applications and loans in efforts to create transparency in the mortgage lending process. In connection with the revisions, beginning with…