CFPB: We’re working to make new HMDA implementation easier

In October 2015, the CFPB adopted significant changes to the rules under the Home Mortgage Disclosure Act (HMDA). Among the changes, the items of information to be collected and reported under HMDA are greatly expanded, with some items being specified by Congress in the Dodd-Frank Act and others being added by the CFPB.

In general, here is how to use the CFPB’s HMDA Platform: Format your HMDA LAR file properly for submission. Upload it into the HMDA Platform. Review and complete any necessary edits identified by the HMDA Platform. If edits are necessary, make them and resubmit the new HMDA LAR file. It will overwrite the existing file.

will understand the new HMDA rule, monitor CFPB revisions, work with third-party vendors that may assist in the process, and ensure that data point reporting and disclosure timely occurs in a manner that does not increase data privacy risks. The new HMDA rule will certainly test the way that Covered Institutions monitor third-party vendors that

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This work is the opinion of the columnist and in no way reflects the opinion of ABC News. Adam Levin is Chairman and cofounder of Credit.com and Identity Theft 911. His experience as former director of the New Jersey Division of Consumer Affairs gives him unique insight into consumer privacy, legislation and financial advocacy.

He also supports proposed legislation that would make it easier to refinance. back Dodd-Frank and limit the CFPB’s authority,” Cecala said. While it’s unlikely that a Romney administration would.

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CFPB Admits Loan Disclosure Rules Rollout Hasn’t Been Smooth. Homebuyers Pay Price for New Rules. CFPB: We’re Working to Make New HMDA Implementation Easier. Cordray’s MBA Speech Heavy on Self-Praise, Silent on Controversies. Not Add New Ones. Millennials and Extended Families Could Qualify.

What does, "We’re going. implementation of the Know Before You Owe rule by the mortgage industry. The CFPB is also releasing a limited follow-up proposal to address an additional implementation.

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