Changes to HMDA Looming Fast
"The Home Mortgage Disclosure Act shines a much-needed spotlight on the mortgage market, which is the largest consumer financial market in the world," said CFPB Director Richard Cordray.
The new HMDA rules, which largely go into effect Jan. 1, 2018, add dozens of new data collection requirements for lenders, including an alphanumeric Legal Entity Identifier for each lender making HMDA-covered loans and a Universal Loan Identification number for each reportable transaction. And that's all in addition to the new required demographic data fields.
Ken Markison, Vice President and Regulatory Counsel with the Mortgage Bankers Association, says the HMDA rule, most of which goes into effect Jan. 1, could be the most challenging regulation yet. "There are new data fields that make it a difficult sort of gearing up problem for lenders," Markison said. "The big ticket is the data points--they include enormous detail about who the borrower is and how the loan was underwritten." Read More Here.