The Consumer Financial Protection Bureau this week updated its resources page for financial institutions that must file Home Mortgage Disclosure Act (HMDA) data.
Modifications have been made to the Technology Preview, Filing Instructions Guide for data collected in 2017, Filing Instructions Guide for data collected in or after 2018, and Frequently Asked Questions (FAQs). These materials are also accessible from the Federal Financial Institutions Examination Council’s (FFIEC) website.
Enacted by Congress in 1975, HMDA requires financial institutions to maintain, report and publicly disclose information about their lending activities. In October 2015, the CFPB published a 797-page final rule that expanded data collection requirements by adding 25 data categories and 100 data fields. NRMLA submitted comments to the CFPB on May 25 explaining how these new reporting requirements would be problematic for reverse mortgages.