Mortgage Lenders to Face Greater HMDA Reporting, Scrutiny Thanks to CFPB Rulemaking, Online Tool
September 26, 2013
If mortgage lenders dont have enough to worry about with six new major mortgage rules from the Consumer Financial Protection Bureau that all take effect in January, they also face a heavier Home Mortgage Disclosure Act reporting burden and perhaps a greater litigation threat from some developments at the bureau. Last week, as the Federal Financial Institutions Examination Council was releasing the 2012 HMDA data, the CFPB came out with a set of online HMDA tools to enable consumers to explore mortgage application and loan data at a local level. Just as the real estate motto location, location, location was...