April 23, 2019

April 23, 2019

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April 22, 2019

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CFPB Releases 2018 HMDA Data

The CFPB recently released modified Home Mortgage Disclosure Act (HMDA) loan application registers of approximately 5,400 financial institutions for calendar year 2018.

Calendar year 2018 is the first year that the mortgage industry collected HMDA data under the modified, and significantly expanded, data reporting requirements under the revised HMDA rule adopted in October 2015 by the CFPB. As we previously reported, the CFPB modifies loan application registers by removing or altering certain data points to protect the privacy of consumers. Unfortunately, the CFPB’s approach to modifying the loan application registers emphasizes public disclosure over consumer privacy concerns. The CFPB plans to engage in rulemaking to address the October 2015 amendments to the HMDA rule, as well as the CFPB’s approach to the public release of HMDA data. This will provide interested parties with another opportunity to voice consumer privacy concerns.

In announcing the release of the HMDA data, the CFPB also advised that later this year additional information will be published related to HMDA, including a complete loan level dataset, HMDA aggregate data reports and HMDA individual institution disclosure reports.

Copyright © by Ballard Spahr LLP

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About this Author

Richard J. Andreano, Jr. , Ballard Spahr Law Frim, Washington DC,  Business and Finance attorney, Mortgage Banking, Consumer Financial Services, Fair Lending

Richard J. Andreano, Jr., is the Practice Leader of Ballard Spahr's Mortgage Banking Group. He has devoted 30 years of practice to financial services, mortgage banking, and consumer finance law.

Mr. Andreano advises banks, lenders, brokers, home builders, title companies, real estate professionals, and other settlement providers on regulatory compliance and transactional matters, Federal Housing Administration (FHA) issues, and administrative examinations, enforcement actions and investigations. He also works with litigation counsel on devising strategies for defense of class action...

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