Home Mortgage Disclosure Act
(Andy Dean Photography)
Andy Dean Photography
The CFPB had already announced in December that it would reconsider certain aspects of the 2015 Home Mortgage Disclosure Act rule, which required firms to provide more data on home loans.
Under the revised agenda, the new reconsideration of the HMDA rule is expected to be issued in January 2019. As a result, firms will have to report the next round of HMDA data before CFPB issues its new rule.
The CFPB wrote in the agenda that reopening the rule "could involve such issues as the institutional and transactional coverage tests and the rule's discretionary data points."
Mulvaney's predecessor Richard Cordray had added roughly 25 new data fields to the existing 23 data fields required by the Dodd-Frank Act. The new fields would have collected data on borrower credit scores, mortgage loan terms and points and fees assessed on home loans.
Mortgage lenders have complained of the burden of the added, discretionary data but the industry also has balked at the collection effort itself, since consumer groups would be mining the data to identify lenders that may be discriminating.
Moreover, Congress is already poised to give a vast number of banks relief from HMDA, with the House expected to approve regulatory relief legislation next week that would, among other things, carve out an exemption for 85% of all banks and credit unions from any new HMDA data requirements.