HMDA Rule Released, Many Small Depositories Will Be Exempt

Posted To: MND NewsWireThe Consumer Financial Protection Bureau (CFPB) has issued its final rule outlining information lenders must report under the Home Mortgage Disclosure Act (HMDA) . CFPB said the rules that have been in place regarding HMDA data have not kept pace with the market's evolution, For example, not providing adequate information about certain loan features that helped contribute to the mortgage crisis, such as adjustable-rate mortgages and non-amortizing loans. HMDA, originally enacted in 1975, requires many lenders to report information about the home loans for which they receive applications or that they originate or purchase. In 2014, 7,062 financial institutions reported information about approximately 11.9 million mortgage applications, preapprovals, and loans. The information is available to...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it. http://goo.gl/uur3kj