The CFPB's new 2018 HMDA rules are now in effect, although the CFPB had announced that enforcement of the new rules will be delayed at least a year. The new rules expand what types of loans are covered, and many more data elements (110 to be exact) are now to be collected. As well, the submission and disclosure processes will change, to the new CFPB online method. What do the CFPB's announcements mean? Should lenders collect the new data? Will examiners be looking at it? Short story is don't change your processes just yet, but there are some things to keep in mind. As well, the existing HMDA data elements must still be collected and submitted properly. We'll discuss the topics below, current state of HMDA and get some of your questions answered.
- New HMDA Rules for 2018
- New reporting thresholds
- New covered loan application definition
- Many new additional data elements reported
- Expansion of loan types reported
- HMDA Enforcement
- Data integrity concerns
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