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Friday, February 7, 2014

CFPB to Propose HMDA Changes

The CFPB will seek input from small lenders on potential changes to reporting requirements under the Home Mortgage Disclosure Act. It also unveiled a new online tool that allows the public to better sort, filter, download and share publicly available HMDA data.

Some of the changes the CFPB is contemplating are mandated by the Dodd-Frank Act. These include requiring data on the length of the loan; total points and fees; the length of any teaser or introductory interest rates; and the applicant or borrower’s age and credit score.

The bureau also is considering asking financial institutions to include more underwriting and pricing information, such as the interest rate; a borrower's debt-to-income ratio; the total origination charges and the total discount points of the loan; an explanation of rejected loan applications; and whether the loan is a “Qualified Mortgage.”

In addition, the CFPB is asking for feedback on ways it can streamline reporting, improve data entry and simplify the coverage tests that determine which institutions must file HMDA data. For example, the bureau is considering requiring all banks and nonbanks -- if they meet certain conditions -- to report if they make 25 or more loans in a year. Banks and nonbanks are currently subject to different thresholds.

Read a CFPB fact sheet about the potential changes.
Read an outline of proposals under consideration.

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