Industry Says It Can’t Fully Prep for New HMDA Amendments Until CFPB Completes Needed Actions
June 8, 2017
Mortgage lenders say they need another year, at least, to prepare for all the new requirements they will confront under the Consumer Financial Protection Bureau’s revised Home Mortgage Disclosure Act rule. One of the biggest problems is that the industry is waiting for multiple actions to be completed by the bureau before it can fully implement the new changes and test compliance systems, the Mortgage Bankers Association said in a comment letter filed with the CFPB last week. Back in April, the bureau proposed...