Lenders should already be implementing the upcoming HMDA changes. Implementation is complex, and the time to start has passed. by Kathy Keller. Just as the mortgage industry has started to emerge from the challenges of "Know Before You Owe" (TRID), revisions to the Home Mortgage Disclosure Act (HMDA) are fast approaching.
Leonard Ryan: Lenders Must Focus On RESPA/TILA, HMDA. By.. This is a major concession to the mortgage industry from earlier proposals at HMDA hearings where the call was for all originators with more than 100 loans to submit quarterly.. we will provide extensive training sessions on the.
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The Home Mortgage Disclosure Act (HMDA)/Regulation C remains one of the top three most commonly cited laws by regulatory agencies. In 2010, Congress amended HMDA in the Dodd-Frank Act, which also transferred HMDA rule-making authority to the Consumer Financial Protection Bureau (CFPB).
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Although lenders might not need to worry as much about enforcement of the new HMDA rules, they have plenty of other compliance matters to be concerned about.. HMDA Not the Only Compliance Concern For Mortgage Lenders in. Industry Insight. requesting and receiving industry-wide loan data.
Re: Disclosure of Loan-Level HMDA Data; Docket No. CFPB-2017-0025. by streamlining and improving the laws and regulations governing the mortgage industry.. The CFPB’s new data submission interface raises concerns about accessibility, functionality, data aggregation and storage, and.
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Additionally, as new. issues.” Lenders using PowerLender and Compliance EAGLE’s automated compliance rule sets can automate the screening of loans for adherence to Ability-to-Repay/Qualified.