November 17, 2021

CFPB Solicits Input on Implementation of HMDA

The CFPB requested input on the effectiveness of the rules that implement the Home Mortgage Disclosure Act ("HDMA") in order to maintain a "fair, competitive, and non-discriminatory mortgage market."

The reported mortgage information currently required by HDMA is used by regulators and the public to ensure that (i) the varied lending needs of diverse communities are being fairly served, (ii) public-sector investments are distributed equitably through housing and community development, and (iii) lending is monitored for discriminatory practices.

To assess the effectiveness of CFPB Regulation C, which implements the HDMA, the CFPB is now considering:

  • institutional and transactional coverage that specifies closed-end and open-end thresholds;

  • transactional data points, including originations and purchases of mortgage loans;

  • benefits of data acquired and related public disclosures; and

  • operational and compliance costs to the market.

In its request for information, the CFPB is also seeking recommendations on the specific methods and tools used to conduct the planned assessment of the HDMA.

Comments on the request for information must be submitted within 60 days of its publication in the Federal Register.

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