Last week, the CFPB issued a proposed rule to expand HMDA data reporting requirements. In addition to new data points specifically required by the Dodd-Frank Act, the proposal would require collection and reporting of several new data points and the inclusion of some loans not presently covered. Generally the proposal would increase the number of closed-end loans or reverse mortgages made in a year to trigger HMDA reporting from one to 25 in a year.
“While we commend the CFPB for the proposed reporting threshold increase, we are disappointed with the inclusion of unnecessary additional data points,” said IBAT President & CEO Chris Williston.
When IBAT completes its study of the 573 page proposal, we will provide IBAT members with more information and submit a comment letter on or before the October 22, 2014 due date.