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Tag Archives: HMDA

Commentary: Changes to Reporting Requirements Could Mean Trouble

While seemingly innocuous, the Consumer Financial Protection Bureau's (CFPB) push to change reporting requirements under the Home Mortgage Disclosure Act may have unintended consequences for both servicers and legal teams to assess discriminatory lending practices. The CFPB is inviting input on both the content and the method of reporting. Now is the time to speak up on these matters.

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CFPB Penalizes Two Institutions for HMDA Violations

CFPB

The Consumer Financial Protection Bureau (CFPB) has ordered two mortgage banks to pay civil penalties for violating the Home Mortgage Disclosure Act (HMDA) with allegedly inaccurate for applications from 2011. According to a release from the agency, Mortgage Master (a nonbank headquartered in Walpole, Massachusetts), and Washington Federal (a Seattle-based bank), failed HMDA reviews when it was determined "that their compliance systems were inadequate and that they had severely compromised mortgage lending data."

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With Cordray Director, CFPB Steps Up Nonbank Supervision

The Consumer Financial Protection Bureau made clear Thursday that it will exercise its full authority to supervise a host of nonbank financial entities, with mortgage originators, brokers, servicers, and others in plain view. The bureau, newly empowered by Richard Cordray├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós recess appointment Wednesday, offered up a video in which the new director addressed a virtual audience Thursday. The bureau released an 800-plus-page manual for nonbank examiners detailing their examination procedures, which focus on an entity├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós volume of business, services, and products.

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