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Thursday, January 7, 2016

CFPB Seeks Comment on Mortgage Lending Information Resubmission Guidelines

The CFPB is seeking comment on the resubmission of mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA). In October 2015 the Bureau finalized a rule updating the reporting requirements of the HDMA to include new information such as property value, the term of the loan, and the duration of any teaser or introductory interest rates.The CFPB conducts examinations to verify reported data and provides resubmission guidelines. The Bureau is seeking feedback on what changes to its resubmission guidelines may be needed for data submitted under the new rules.

Specifically, the notice asks for feedback on the Bureau’s use of resubmission error thresholds and how they should be calculated. The notice asks whether the thresholds should vary with the size of the submission or kind of data, as well as the consequences for exceeding a threshold. Other topics addressed include how the CFPB conducts its mortgage lending data integrity reviews and any technological or other changes that might be made to the data editing and collection process to help reduce errors.

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