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Volume 2014 - Number 41

October 30, 2014

Injecting Unrealistic Data Integrity Standards into HMDA Could Cause Havoc, Industry Tells CFPB

Mortgage lending industry representatives urged the Consumer Financial Protection Bureau to establish workable data integrity standards as it substantially expands reporting requirements under the Home Mortgage Disclosure Act. “Our members are committed to reporting accurate data and strive to do so, but the current supervisory expectation of a near-zero error rate is virtually impossible to achieve,” said six industry trade groups said in a joint comment letter. “As community banks and other small lenders pointed out to the bureau during the Small Business Regulatory Enforcement Fairness Act panel, the doubling of the number of reported fields can be expected to cause the error rate to increase exponentially.” Some small business participants raised...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.


No. It’s still difficult compliance/regulatory-wise.


Maybe. It’s under consideration.


Not now. But things could change as 2018 progresses.