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Tag Archives: HMDA

CFPB’s HMDA Data Changes Could Increase Litigation

Seeking to "gain greater insight into issues about access to credit," the Consumer Financial Protection Bureau (CFPB) announced the launch of a rulemaking process to change reporting requirements under the Home Mortgage Disclosure Act (HMDA). The new reporting requirements could have unintended consequences for both mortgage servicers, and legal teams who assess discriminatory lending practices.

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CFPB Launches New Reporting Tool

The Consumer Financial Protection Bureau (CFPB) unveiled a new tool Friday aimed at making Home Mortgage Disclosure Act (HMDA) data more user-friendly. In a report released the same day, the CFPB said it collected HMDA data from 7,400 financial institutions in 2012 on 18.7 million loan applications. Not all new information would be made publicly available, and the new reporting guidelines would largely be in line with current industry standards.

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Two Lenders Penalized on HMDA Violations

Two mortgage lenders must pay a combined $459,000 in civil penalties for what the Consumer Financial Protection Bureau (CFPB) says are violations of the Home Mortgage Disclosure Act (HMDA). According to the bureau, Mortgage Master, a nonbank lender based in Massachusetts, and Washington Federal, a Seattle-based bank, were found to have ""severely compromised mortgage lending data"" on applications from 2011.

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CFPB Finds Violations of Consumer Financial Laws Among Lenders

The Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report Wednesday, providing an overview of its supervisory actions between July 2011 and September 2012. The agency found several instances in which financial institutions did not adhere to federal consumer financial laws. With regard to the Real Estate Settlement Procedures Act (RESPA), the CFPB noted instances in which institutions did not properly disclose transaction costs and did not properly complete good faith estimates and HUD-1 settlement statements.

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Fastest Growing Lenders Use Compliance Software to Simplify Reporting

Recent Home Mortgage Disclosure Act (HMDA) data released by the Federal Financial Institutions Examination Council (FFIEC) revealed that 11 percent of lenders doubled their volume during the 2009 calendar year. Of those lenders, 40 percent use HMDA and compliance software from QuestSoft. One San Diego-based lender says QuestSoft's technology has cut the time needed to geocode and prepare its quarterly regulatory reports by 90 percent.

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Advocates Call on Fed to Modernize Home Mortgage Disclosure Rules

A coalition of community groups called on the Federal Reserve to overhaul a 35-year old law that requires lenders to report vital information on their mortgage lending practices. At a Federal Reserve Board hearing held last week in Chicago, advocates urged the Fed to increase the scope of information mortgage lenders must report and to use the data to crack down on lenders that engage in the sorts of discriminatory and abusive lending practices that led to the current foreclosure crisis and financial meltdown.

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