Impending examinations by the Consumer Financial Protection Bureau have mortgage lenders anxious about preparation, reports American Banker’s Kate Berry, from a Ellie Mae conference in Las Vegas.
"Angst over fair-lending enforcement was palpable," she writes. Nonbanks, which don’t have fair lending programs, were especially concerned.
Industry expert advice included: make sure HMDA data quality is up to snuff, check your disclosures for accuracy, and be prepared for the tech-savvy CFPB to review all the files, not just a selection.
"You have to have your HMDA right and be focused on vulnerable customers," said Jo Ann Barefoot of Treliant Risk Advisors.
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