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Volume 25 - Number 23

November 10, 2014

Consumer Advocates Want CFPB To Demand More in HMDA Rule

Consumer advocacy groups say the CFPB isn’t going far enough to expand mortgage industry reporting requirements under the Home Mortgage Disclosure Act. The California Reinvestment Coalition and 41 other state organizations suggested a handful of changes to the proposal, each of which would likely add to the reporting burden for companies. Among the changes the California groups want is requiring loan modification data to be reported by banks and servicers, along with disaggregating the overly broad “Asian” race category to allow for more accurate reporting. They also would like to see the CFPB capture more information about languages spoken during a loan transaction, and have companies disclose if a borrower is going to own a property with somebody who is ...

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