CFPB Seeking Industry Input on HMDA Error Thresholds

After releasing a final rule regarding Home Mortgage Disclosure Act (“HMDA”) reporting requirements in October, the Consumer Financial Protection Bureau (“CFPB”) is seeking feedback from lenders regarding re-submission guidelines. The guidelines set specific parameters for error rates beyond which lender must resubmit mortgage lending data to the CFPB based on certain error thresholds. Specifically, the CFPB is asking for whether systemic errors should be treated differently or whether some errors may be allowable in HMDA data. According to an article in National Mortgage News, lenders would prefer higher thresholds because data resubmission is costly and is considered punitive by some lenders. 

CFPB Director Richard Cordray said “We are seeking feedback from stakeholders on how to best ensure the accuracy and reliability of mortgage lending information” in a press release last week.

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