WHERE’S HMDA HEADED – PART 4 EXPANDED INFORMATION FOR EACH LOAN OR APPLICATION
Category: CFPB, Dodd-Frank Act, HMDA, Lending Compliance, Regulation C
When Congress enacted the Dodd-Frank Act in 2010, it directed the Consumer Financial Protection Bureau (CFPB) to improve Home Mortgage Disclosure Act (HMDA) reporting. Under the current HMDA collection rules, covered lenders have to report certain residential mortgage information such as the type of loan, the census tract where the property is located, and the race and ethnicity of the borrower. Improving the kinds of information collected will make it easier to identify new consumer protection
WHERE’S HMDA HEADED? PART 3 – WHAT TYPES OF LOANS AND APPLICATIONS WILL BE REPORTED?
Category: CFPB, Dodd-Frank Act, HMDA, Lending Compliance, Regulation C
Currently Regulation C requires creditors to report information regarding loans and applications made for one of three purposes: Home purchase; Home improvement; or Refinancing. Reporting of home equity lines of credit (HELOCs) used for these purposes is generally optional. Under Regulation C’s existing transaction reporting regime, certain loans that are secured by residential real property need not be reported (e.g., home equity loans with no stated purpose, HELOCs, certain reverse mortgages). Yet home improvement loans
WHERE’S HMDA HEADED – PART 2 – WHICH INSTITUTIONS ARE SUBJECT TO HMDA?
Category: CFPB, Dodd-Frank Act, HMDA, Lending Compliance, Regulation C
As part of its revisions to HMDA the Consumer Financial Protection Bureau (CFPB) is considering whether there is an opportunity to level the playing field between bank and nonbank lenders. Today, banks that meet certain conditions must submit annual reports even if they make only a single loan. However, nonbank mortgage lenders generally are required to report only if they make 100 loans and meet other conditions. The CFPB is considering a rule intended to
WHERE’S HMDA HEADED – PART I – OVERVIEW
Category: CFPB, Dodd-Frank Act, HMDA, Lending Compliance, Regulation C
The Home Mortgage Disclosure Act (HMDA) was enacted by Congress more than 35 years ago to increase public scrutiny of access to credit and residential mortgage lending. HMDA data: Contains information about the vast majority of mortgage loans in this country; Shows whether lenders are serving the housing needs of their communities; Gives public officials information that helps them make decisions and policies; and Reveals lending patterns that could be discriminatory. The Consumer Financial Protection
If a creditor fails to provide a borrower with a rescission notice or accurate material disclosures for certain residential mortgage loans, the rescission period is extended from three business days to three years. Two recent decisions from the Eighth Circuit conclude that borrowers must file a lawsuit to preserve the statute of limitations. Hartman v. Smith, 734 F.3d 752 (8th Cir. 2013) and Jesinoski v. Countrywide Home Loans, Inc., 729 F.3d 1092 (8th Cir. 2013).
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