HMDA Expansion Final: Try Getting this Right!
The CFPB finalized its HMDA rule aimed at improving information reported about the residential mortgage market. The rule has a five year full implementation phase that begins in earnest in year two (2017) with a reduction in reporting institutions (expanded exemption for small lenders) before 2018 requires a heavy expansion (doubling of data fields) of reported data fields. The new data is aimed at giving phenomenal insights into mortgage lending aspects and will inevitably lead to greater fair lending monitoring. [10/16/15]
