The CFPB has announced that Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2024 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for...more
The CFPB recently issued a final rule increasing the asset exemption threshold under the Home Mortgage Disclosure Act (HMDA)....more
On December 13, the CFPB published a report based on HMDA data collected from financial institutions, highlighting trends and changes in 2023 residential mortgage lending. Based on the HMDA data, the CFPB observed a decline...more
In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more
On June 18, the CFPB filed a proposed stipulated final judgment and order in its lawsuit against a large mortgage lender for violating HMDA, Regulation C and the CFPA. The mortgage lender agreed to pay a civil money penalty...more
On June 18, the CFPB filed a proposed final judgment that would require a Florida-based nonbank mortgage originator and servicer to pay a $3.95 million civil money penalty and implement corrective actions requiring the...more
On May 2, the U.S. District Court for the Southern District of Florida denied a mortgage lender’s motion to dismiss. The CFPB sued the lender in October 2023 for violating HMDA and Regulation C by intentionally misreporting...more
In this month's article, we share some of our top "bites" for the prior and current month covered during the January 2024 webinar....more
Data analytics has become an essential tool in the field of compliance and risk management. It allows compliance officers to assess the effectiveness of their programs and identify potential risks before they escalate into...more
The CFPB recently released a report entitled Data Point: 2022 Mortgage Market Activity and Trends based on 2022 data reported by lenders under the Home Mortgage Disclosure Act (HMDA)....more
The Federal Reserve has announced that its FedNowSM Service, a new interbank settlement service with clearing functionality to support instant payments, went live on July 20 with 35 early-adopting banks and credit unions. The...more
As shown by a new report, the Consumer Financial Protection Bureau (CFPB or Bureau) is focusing its fair lending work on mortgage origination and pricing, small business lending, redlining, and the use of artificial...more
On March 3, the CFPB published findings from a voluntary review of the 2015 HMDA Final Rule issued in October 2015, as well as subsequent related amendments that eased certain reporting requirements and permanently raised...more
As previously reported, in June 2021 the CFPB announced that it would conduct a voluntary review of the significant amendments to the Home Mortgage Disclosure Act (HMDA) rule adopted in October 2015, most of which became...more
The CFPB recently issued a technical rule to reinstate the closed-end loan reporting threshold under the Home Mortgage Disclosure Act (HMDA) of 25 originated covered loans in each of the prior two calendar years that was...more
For the past six months, we have received calls from banks and non-depository mortgage lenders regarding Department of Justice (“DOJ”) investigations into mortgage lending discrimination. These DOJ inquiries are bypassing the...more
In This Issue. The Consumer Financial Protection Bureau (CFPB) reminded institutions of a new threshold for reporting Home Mortgage Disclosure Act data about open-end lines of credit; the Financial Crimes Enforcement Network...more
The CFPB recently updated its Home Mortgage Disclosure Act (HMDA) FAQs to add two items regarding multiple data points....more
As previously reported, in October 2019 the CFPB issued a final rule under the Home Mortgage Disclosure Act (HMDA) to...more
The CFPB recently issued in final form two elements of a May 2019 Home Mortgage Disclosure Act (HMDA) proposed rule. As previously reported, the May 2019 proposal would...more
The CFPB recently announced that it is reopening the comment period for the May 2019 Home Mortgage Disclosure Act (HMDA) rule proposal. Comments on certain aspects of the proposal, addressed below, are due by October 15,...more
As previously reported, in May 2019 the CFPB issued both a proposed rule to modify the existing Home Mortgage Disclosure Act (HMDA) rule and an advance notice of proposed rulemaking seeking comment on additional potential...more
On 5 June 2019 the Consumer Financial Protection Bureau (CFPB) announced its consent order (consent order) with a large mortgage lender (the company) for allegedly reporting erroneous sex, race, and ethnicity Home Mortgage...more
The CFPB recently released modified Home Mortgage Disclosure Act (HMDA) loan application registers of approximately 5,400 financial institutions for calendar year 2018. ...more
The CFPB announced the release of the 2019 version of A Guide to HMDA Reporting: Getting it Right. The Guide addresses the collection of data under the Home Mortgage Disclosure Act (HMDA) during 2019 that must be reported in...more