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Monday, February 10, 2014
CFPB Seeking Feedback on Additional Mortgage Market
Reporting
The Consumer Financial Protection Bureau announced that it is convening a panel of small HMDA-reporting institutions to provide feedback on potential changes to mortgage information reported under the Home Mortgage Disclosure Act. The CFPB also unveiled a new online tool designed to help navigate publicly available HMDA data.
In the Dodd-Frank Act, Congress requires lenders to collect and report specific new information as part of the HMDA process. These new data points include the total points and fees, the term of the loan, the length of any teaser interest rates, and the borrower’s age and credit score.
The CFPB said additional mortgage information could help federal regulators, state regulators, lenders, consumer groups, and researchers better monitor the market. It is convening a Small Business Review Panel—as it is required to do by the Small Business Regulatory Enforcement Fairness Act whenever a rulemaking would have a significant impact on a substantial number of small entities.
The panel will gather feedback on the potential changes to the rule, including how data can be updated to better reflect what is happening in the market. ICBA members who serve on the Small Business Review Panel, as well as on the CFPB’s Community Bank Advisory Council, will have ample opportunity to weigh in on changes under consideration by the bureau.
---ABA Newsbytes
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