CFPB: We’re working to make new HMDA implementation easier

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The consumer financial protection Bureau is a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly. Featured Whether you want to put money aside for unexpected expenses or make a plan to save for your future goals, we have resources that can help.

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Some banking regulations were loosened earlier this year, including a change intended to make it easier for small. are many people who are working there and believe in the bureau’s mission," said.

"We’re pleased to see the CFPB announce the implementation delay of the rule, which we have stated will provide issuers and vendors adequate time to make the required changes," said CUNA.

Mortgage servicers and investors call for more borrower info Since mortgage servicers work more closely with lenders than with the general public, it can be difficult to find information.. This is because if borrowers do not make their mortgage payments, mortgage servicers are not able to turn a profit and obviously suffer.. conclusion: top mortgage Servicing Companies Reviews.

As HMDA data are used by prudential regulators to evaluate the Community Reinvestment Act (CRA) performance of banks, it is also critical that the Bureau work with the prudential regulators to ensure consistent and transparent application of the new Regulation C reporting requirements to CRA.

CFPB: We’re working to make new HMDA implementation easier. the CFPB will be adding new tools to their website to help lenders and others in the industry keep up with the latest developments,

It’s doubtful the CFPB will be able to convert its data-sharing principles into implementation. private sector could work out the details of who bears responsibility in the event of a breach..

The CFPB had proposed to disclose the actual number of units reported. Although the loan amount will now be reported in the applicable $10,000 interval and not to the nearest $1,000, the concern is that the totality of the information that is publicly available will make it easier than it is today to determine the identity of the applicant.

The thresholds for compliance with HMDA should be increased to 500 for closed-end loans and to 1000 for open-end loans if the CFPB continues to require HELOC reporting. CUNA will continue to urge the CFPB to consider the unnecessary regulatory burdens they are inflicting on credit unions in the mortgage lending space.

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The Dodd-Frank Act specifically directed the CFPB to expand HMDA to include additional information. The CFPB will ask for small business feedback on these new requirements, including: Total points and fees, and rate spreads for all loans: For most consumers, a home is the biggest purchase they will ever make.