CFPB proposes changes to HMDA

The CFPB released a proposed rule recently to make numerous technical/clarification/operational changes to the Home Mortgage Disclosure Act (HMDA) to assist with the transition to the new 2018 version of the HMDA regulation. The proposal includes the following items: Clarifying key terms such as “temporary financing” and “automated underwriting system;” Transition rules for reporting loans […]

The CFPB released a proposed rule recently to make numerous technical/clarification/operational changes to the Home Mortgage Disclosure Act (HMDA) to assist with the transition to the new 2018 version of the HMDA regulation.

The proposal includes the following items:

  1. Clarifying key terms such as “temporary financing” and “automated underwriting system;”
  2. Transition rules for reporting loans purchased by financial institutions;
  3. Rules to facilitate the reporting of the census tract of a property utilizing a new geocoding tool provided by the CFPB online; and
  4. Other technical and clarifying changes.

Comments will be due 30 days from publication in the Federal Register. CUNA will continue to analyze this proposal for unintended consequences, but the initial read suggests these changes will be favorable for credit unions.

A copy of the proposal can be found here.

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The League of Southeastern Credit Unions & Affiliates represents nearly 300 credit unions throughout Alabama, Florida, and Georgia. It has a combined total of almost $200 billion in assets and 12.4 million members. LSCU provides advocacy, compliance services, education and training, cooperative initiatives, and communications.

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