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CFPB Invites Comments on HMDA Rule Clarifications

Posted To: MND NewsWire

The Consumer Financial Protection Bureau (CFPB) has inviting comment periods on changes to its Home Mortgage Disclosure Act (HMDA) reporting rule. CFPB Director Richard Cordray said the proposed changes are designed to facilitate compliance with its 2015 updates to the rules by clarifying the information financial institutions are required to collect and report about their mortgage lending. The HMDA was originally enacted in 1975. It requires many lenders to report information about the home loans for which they receive applications or that they originate or purchase. The information is public and allows individuals, organizations, and regulators to monitor whether financial institutions are serving the housing needs of their communities, to assist in attracting private investment to areas…(read more)

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Source: Mortgage News Daily

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