The CFPB’s regulatory priorities for the semiannual period ending October 31, 2014, include continuing work to implement Dodd-Frank Act mortgage protections, a series of rulemakings to address critical issues in other markets for consumer financial products and services, and following up on earlier efforts to streamline and modernize regulations that the CFPB has inherited from other Federal agencies. Implementing Dodd-Frank Act Mortgage Protections A major effort of the CFPB is the implementation of its […]
Category: HMDA
WHAT IS MISMO?
The Mortgage Industry Standards Maintenance Organization, (MISMO) is a not-for-profit subsidiary of the Mortgage Bankers Association (MBA). It is a developer of technology standards for both residential and commercial property transactions. By promoting improved data consistency, MISMO aims to reduce costs and increase transparency while promoting confidence in mortgages as an asset class for investors. MISMO develops and maintains a comprehensive set of standards and data points for all stages of the mortgage loan life […]
WHERE’S HMDA HEADED? PART 5 – OPERATIONAL IMPROVEMENTS
The Consumer Financial Protection Bureau (CFPB) wants to improve the collection, reporting and sharing processes for Home Mortgage Disclosure Act (HMDA) data. This effort has the potential to reduce the burdens on lenders; but in its short history the CFPB has not earned a reputation for taking action solely in the interest of financial institutions. Collection and Reporting Approximately 70 percent of all loans eventually sold to a Government-Sponsored Enterprise use the Uniform Loan Delivery Dataset […]
WHERE’S HMDA HEADED – PART 4 EXPANDED INFORMATION FOR EACH LOAN OR APPLICATION
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?
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 […]