Mortgage industry raises concerns about new HMDA rules

Industry concerns. Industry groups like the Mortgage Bankers Association and the National Association of Federal Credit Unions are expressing serious concerns about several aspects of the updated HMDA reporting requirements. “The enormous data collection and reporting required by the CFPB raises serious consumer privacy and data security.

The Home Mortgage disclosure act (hmda) was enacted by Congress in 1975 and was implemented by the Federal Reserve Board’s Regulation C. On July 21, 2011, the rule-writing authority of Regulation C was transferred to the Consumer Financial protection bureau (cfpb).

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The Home Mortgage Disclosure Act came about shortly after I started in the industry in 1973. Since that time, many have asked how lenders can remain profitable and compliant in the face of HMDA.

 · Covered Transaction Changes The criteria for being a HMDA covered institution in 2018 is not changing. However, the criteria for determining the types of applications that covered institutions must report starting in 2018 has changed, and are based on whether they have exceeded the following thresholds: If a covered institution originated 25 or more closed-end [.]

Although lenders might not need to worry as much about enforcement of the new HMDA rules, they have plenty of other compliance matters to be concerned about.. HMDA Not the Only Compliance Concern For Mortgage Lenders in. Industry Insight. requesting and receiving industry-wide loan data.

The Consumer Financial Protection bureau proposed steps Thursday to ease reporting requirements under the home mortgage disclosure. for analyzing raw HMDA data. The bureau released a new notice of.

Fremont Unloads $4 Billion in Whole Loans More than 28% of US homeowners underwater on their mortgage -90% of borrowers in seven real estate markets (including las Vegas, Miami and others) will be underwater by 2011-28% of all US homeowners with a mortgage will owe more than 125% of their property’s value by 2011-home prices are set to decline another 14%-69% of subprime loans will be underwater by 2011AG signatures Michigan DocX probe – Home Loans Round Rock Texas – Fremont Unloads $4 Billion in Whole Loans As it guaranteed debt and swapped cash for all sorts of assets, the Fed’s balance sheet grew-from about $850 billion in assets before the crisis to about $2.3 trillion this spring.

 · The opinions and insights expressed in Mortgage Industry to Change URLA 1003 in 2018 are solely those of its author, David Luna, and do not necessarily represent the views of either Mortgage Guaranty Insurance Corporation or any of its parent, affiliates, or.

Industry Issues A-Z / Mortgage Rules; Mortgage Rules. Articles & Press Releases. Title: Publication:. ICBA to CFPB: Maximize HMDA Relief: NewsWatch Today Article: 06/13/19: Keep Urging CFPB to Raise HMDA Thresholds: NewsWatch Today Article: 06/05/19: CFPB Issues TRID Factsheet on Assumption Transactions:. the Home Mortgage Disclosure Act.

2018 HMDA Interpretive and Procedural Rule On August 31, 2018, the Bureau of Consumer Financial Protection (Bureau) issued an interpretive and procedural rule to implement and clarify changes made by section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) to the Home Mortgage Disclosure Act (HMDA).