Tag Archives: Home Mortgage Disclosure Act

Michael L. Vitali, Sr., SVP and Chief Compliance Officer with LoanLogics, discusses with MReport the recent updates to the Home Mortgage Disclosure Act and what lenders are facing.

The revamped rule appears to be weighing heavy on the minds of many in the mortgage industry as is brings about several new data point requirements that must be fulfilled by lenders.

Michael Flynn, a partner in Goodwin Procter’s Financial Institutions Group sat down with MReport to explain how the HMDA rule is shaking up the mortgage industry and advises on how to cope with the changes.

Lenders have been troubled by the Home Mortgage Disclosure Act (HMDA) data points for many years, but they may see some relief in the near future.

The Home Mortgage Disclosure Act data collection rules have recently been finalized, but U.S. banks and credit unions are troubled with how to accurately capture the new HMDA-required data fields.

Clear signs of recovery have been recorded in the housing market, but minority borrowers do not seem to be linked to this recovery.

The Consumer Financial Protection Bureau has announced the finalization of a rule that will improve information about consumers’ access to residential mortgage credit by updating reporting requirements of the Home Mortgage Disclosure Act.

Mortgage loans declined from 8.7 million to 6.0 million, or by 31 percent in 2014 compared to the previous year, mostly due to a drop in refinancing.

Mortgage originations are expected to decrease by 30 percent in 2014, due to a decline in refinance activity, according to estimates from CoreLogic.