Monthly Archives: October 2015

CFPB Finalizes New HMDA Reporting Rule

On October 15, 2015, the Consumer Finance Protection Bureau (CFPB) finalized its new rule that changes the data and reporting requirements of financial institutions that report their mortgage data under the Home Mortgage Disclosure Act (HMDA). Under the new rule, which is effective on January 1, 2018, HMDA reporters must include several new variables for [...]

October 16th, 2015|

Four More Common HMDA Reporting Errors and How to Mitigate Them

In a recent Knowledge Center post, we discussed four common errors that lenders encounter when satisfying reporting requirements under the Home Mortgage Disclosure Act (HMDA). The four errors that we reviewed – failing to capture all HMDA-reportable transactions, documenting an incorrect loan amount, assigning the wrong geographies via geocoding, and making errors in calculating the [...]

October 6th, 2015|