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Volume 25 - Number 20

September 29, 2014

CFPB Official Urges Mortgage Industry to Raise HMDA Issues

The mortgage industry has about a month left to officially weigh in on the CFPB’s pending Home Mortgage Disclosure Act proposed rule, and a top official at the bureau urged lenders to raise important issues now. “Because we’re opening HMDA up, we’re taking the opportunity to try to streamline the reporting process for you,” said Kathleen Ryan, deputy assistant director in the CFPB’s Office of Regulations, in comments before the Mortgage Bankers Association’s regulatory compliance conference on Monday. The bureau also is looking “for ways to ease some of the pain around geocoding and these other ‘translation’ issues that you have in your reporting systems by trying to align to the extent possible” with existing industry standards for data points ...

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