Prepare for changes in data collection rules
by: Edward Kramer, EVP, Wolters Kluwer Financial Services
In 2015, expectations loom large for lenders around finalization of rules for the new Home Mortgage Disclosure Act (HMDA) data collection requirements.
Created as part of the Dodd Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the regulation authorizes the Consumer Financial Protection Bureau (CFPB) to expand the current HMDA dataset in order to help “financial regulators and public officials keep a watchful eye on emerging trends and problem areas in the mortgage market.”
CFPB Seeks More Data Transparency and Timeliness
The proposed changes include required reporting of 37 new data fields, including 20 not currently required under Dodd-Frank. Those 20 fields represent additional information that the CFPB proposes to collect for analytical purposes, including:
- Detailed property location information
- Total points and fees
- Rate spread for all loans
