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Volume 25 - Number 23

November 10, 2014

Industry Wants Lighter HMDA Burden, Groups Tells CFPB

Now that the mortgage lending industry has had about three months to comb through the details of the CFPB’s proposed expansion of reporting requirements under the Home Mortgage Disclosure Act, it has found more cause to dislike it than upon first glance. “While we support the purpose of HMDA – to provide information on the availability of credit in the home mortgage market – we are concerned that the proposal to markedly increase HMDA data reporting and coverage goes beyond the law’s purposes in some areas and will unduly harm competition and increase costs in others,” a handful of leading industry groups told the bureau in a joint comment letter last week. “At the same time, we do not believe that the ...

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