CFPB Proposes Changes to HMDA

July 24, 2014
Reverse Mortgage Daily 
mortgage lending news
Federal regulators want to tweak the Home Mortgage Disclosure Act (HMDA), confirmed Richard Cordray, who runs the Consumer Financial Protection Bureau.

The agency is proposing changes that Cordray said will help it better understand "how to protect consumers' access to mortgage credit while simplifying the reporting requirements for financial institutions." Specifically, that could mean collecting new information -- such as loan term, points and fees, and property value -- to help detect abusive lending practices. It also could entail lenders submitting additional information about underwriting, including debt-to-income ratios and discount points.

The CFPB would also change the rules so that non-depository mortgage lenders do not have to report HMDA data if they make fewer than 25 closed-end loans for reverse mortgages annually, down from the previous threshold of 100.

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