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Thursday, September 29, 2016

CFPB Issues Notice on New URLA Compliance with Reg B

The CFPB has issued a notice to creditors that the recently redesigned Uniform Residential Loan Application form – while not required under the Equal Credit Opportunity Act and Regulation B – is compliant with Reg B.

The new URLA may be used starting Jan. 1, 2018. While its use is not required, it has been redesigned in part to reflect expanded Home Mortgage Disclosure Act data collections that take effect at the same time. Creditors who use the previous URLA will be required to use a supplemental form to comply with Regulation C.

In the notice, the bureau said that lenders may, at their option, permit borrowers or applicants to self-identify with disaggregated ethnic and racial categories starting in 2017, but noted that this collection is not mandatory until 2018.

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