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CFPB releases HMDA Rule Compliance Guide

Posted in CFPB Rulemaking, Fair Lending, Mortgages, Uncategorized

The CFPB released the Home Mortgage Disclosure (Regulation C) Small Entity Compliance Guide  on December 1, 2015.  According to the CFPB, the purpose of the Compliance Guide is to provide an accessible summary of Regulation C, in light of the final rule amending the Home Mortgage Disclosure Act (HMDA) which we summarized here.  In addition, the CFPB has highlighted information that it believes will be helpful to financial institutions in implementing the final HMDA Rule.  Attachments at the end of the Compliance Guide include a sample data collection form, action taken chart, and sample notices of HMDA data availability.

The Compliance Guide along with other resources, such as the HMDA Executive Summary, Summary of reportable data, HMDA institutional coverage charts, and other related resources can be found here.

We will be further discussing the implications of the final HMDA Rule for mortgage lenders during our webinar on January 7, 2016.  Registration for the webinar is available at this link.