WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) announced that it would seek feedback from the public on the resubmission of mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA).
This comes after the CFPB updated its reporting requirements of the HDMA regulation in an effort to improve information reported about the residential mortgage market. The bureau is deciding whether, because of these changes, it also needs to update the current resubmission guidelines. It seeks feedback on what modifications might need to be made.
“The Home Mortgage Disclosure Act is a valuable asset in helping detect trends and problem areas in the nation’s mortgage market, and the recent improvements to the rule will foster better understanding of that market,” CFPB Director Richard Cordray said. “With today’s request for information we are seeking feedback from stakeholders on how best to ensure the accuracy and reliability of mortgage lending information.”
HMDA requires lenders to report information about home loans. Both the general public and regulators can then use that information to monitor whether the institutions are serving the community well. The October rule increases the data points needed in institutional reports, which includes new information about property value, the term of the loan and the duration of any teaser or introductory interest rates.