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September 25, 2017

CFPB proposed policy guidance describing modifications that it intends to apply to the loan-level Home Mortgage Disclosure Act (HMDA) data that financial institutions will report under the Home Mortgage Disclosure (Regulation C) before the data are disclosed to public. The proposed policy guidance applies to the HMDA data to be reported under Regulation C, effective January 01, 2018. This data will be available to the public since the beginning of 2019. Comments are due by November 24, 2017.

HMDA requires certain financial institutions to collect, report, and disclose data about their mortgage lending activity on an ongoing basis to both the federal regulators and the general public. HMDA is implemented by Regulation C, which aims to help determine whether financial institutions are serving the housing needs of their communities; assist public officials in distributing public-sector investment, to attract private investment to areas where it is needed; and help identify possible discriminatory lending patterns and enforce anti-discrimination statutes. This proposed policy guidance describes the CFPB’s application of the balancing test to date and the loan-level HMDA data that it proposes to make available to the public beginning in 2019, with respect to data compiled by financial institutions in or after 2018, including modifications that CFPB intends to apply to the data. CFPB proposes to publicly disclose the loan-level HMDA data reported under the 2015 HMDA Final Rule with certain modifications.

 

Related Link: Federal Register Notice (PDF)

Comment Due Date: November 24, 2017

Keywords: Americas, US, Banking, Regulation C, Loan Level HMDA Data, Home Mortgage, Reporting, CFPB

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