HMDA

CFPB Announces $1.75 Million Penalty Against Nationstar for HMDA Violations

As eluded to last week in a disclosure via a financial report filing, the Consumer Financial Protection Bureau (CFPB) formally announced a penalty against Nationstar Mortgage for violations under the Home Mortgage Disclosure Act (HMDA). The CFPB’s order requires that Nationstar: pay a record $1.75 million penalty for the alleged HMDA violations; fix HMDA reporting [...]

March 16th, 2017|

Nationstar Mortgage Discloses Fine for HMDA Violations

Nationstar Mortgage disclosed (HousingWire, March 9, 2017) that it is facing a potential fine related to violations under the Home Mortgage Disclosure Act (HMDA). The disclosure, made in its 2016 10-K filing with the Securities and Exchange Commission, acknowledges that it is currently in negotiations with the Consumer Financial Protection Bureau (CFPB) regarding the payment amount for [...]

March 10th, 2017|

2015 HMDA Data Now Available – Minority Mortgage Lending Shows Improvement

On September 29, 2016, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of 2015 mortgage lending data submitted in compliance with the Home Mortgage Disclosure Act (HMDA). This database of mortgage activity is relied upon by regulators, examiners, academics, industry leaders, and members of the general public to analyze the performance of mortgage lenders with [...]

September 30th, 2016|

Creating a Roadmap to Navigate the New HMDA Rule

On Oct. 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited final rule amending and expanding the mortgage loan application data reporting requirements under Regulation C and the Home Mortgage Disclosure Act (HMDA). It is critical for lenders who are subject to the final rule to begin compliance preparations now, before it goes [...]

April 20th, 2016|

CFPB announces HMDA file specifications for 2017 and 2018

The Home Mortgage Disclosure Act (HMDA) file specifications for 2017 and 2018 are now available for download  on the Resources for HMDA Filers page on the CFPB's website at:www.consumerfinance.gov/hmda/for-filers. Of note, the file format is being changed from a fixed field file to a delimited file format beginning with files submitted for 2017.  The 2018 file [...]

February 19th, 2016|

What the 2014 HMDA Data Can Tell You About Your Exposure to HMDA Compliance Risk

The September release of the 2014 data submitted under the Home Mortgage Disclosure Act (HMDA) has several uses. In this article, we discuss the utility of these data in evaluating your institution’s exposure to HMDA compliance risk related to two data categories: government monitoring information and action type coding. By benchmarking your organization’s performance against [...]

December 1st, 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|

2014 HMDA Data Now Available

On September 22, 2015, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of 2014 mortgage lending data submitted in compliance with the Home Mortgage Disclosure Act (HMDA). These data are relied upon by regulators, examiners, academics, industry leaders, and members of the general public to analyze the performance of mortgage lenders with regard to [...]

September 24th, 2015|

Four Common HMDA Reporting Errors and How to Mitigate Them

The Home Mortgage Disclosure Act (HMDA) requires covered institutions to make loan information available to the public. Regulators, examiners, academics, industry leaders, and members of the general public rely on these data to analyze the performance of mortgage lenders in achieving the goals established under the Equal Credit Opportunity Act (ECOA), the Fair Housing Act [...]

September 22nd, 2015|