Links in “Home Mortgage Disclosure Act (HMDA)”

While concerns remain about privacy of bank customer data and increased regulatory burden, the ABA's statement expresses relief that the CFPB's final rule on HMDA at least excludes the collection of data on most commercial transactions. [10/16/15]

The CFPB finalized its HMDA rule aimed at improving information reported about the residential mortgage market. The rule has a five year full implementation phase that begins in earnest in year two (2017) with a reduction in reporting institutions (expanded exemption for small lenders) before 2018 requires a heavy expansion (doubling of data fields) of reported data fields. The new data is aimed at giving phenomenal insights into mortgage lending aspects and will inevitably lead to greater fair lending monitoring. [10/16/15]

Total mortgage originations declined by 31% from 2013 to 2014. Among the 7,062 financial institutions that reported data in 2014, home purchase loans increased slightly, while mortgage refinances declined by 55%. Black and Hispanic white applicants are still being declined at a higher rate than Non-Hispanic white applicants. [9/23/15]

The FFIEC released the Home Mortgage Disclosure Act (HMDA) data for 2014, which shows that more consumers took out mortgages to purchase a home in 2014 than during the previous year. [9/23/15]

The FFIEC has released data on 2014 mortgage lending transactions at financial institutions covered by HMDA. [9/23/15]

Credit unions accounted for more than 9% of all mortgage originations in 2014. [9/23/15]

It’s clear that the CFPB sees accurate and comprehensive HMDA data as a key tool in enforcing fair lending compliance. Last year the Bureau proposed sweeping changes to the HMDA data collection rules and is looking now to finalizing that rule. [5/15/15]

The time is right to advocate for regulatory relief on TILA-RESPA, HMDA, and Fair Lending. [4/8/15]

Friday’s webinar sponsored by NCUA highlighted how the agency selects the 25 credit unions it will audit for Fair Lending compliance in 2015: HMDA data outliers; member and whistleblower complaints; prior regulatory violations; general compliance risks; and recommendations from field examiners. NCUA also plans to conduct 50 offsite supervisory contacts this year, as well. [2/23/15]

NCUA staff will conduct a free webinar on February 20^th at 2:00 pm EST on fair lending and HMDA compliance.  The webinar is designed to focus on the agency’s examination process, best practices, and common HMDA reporting errors. [2/3/15]