On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) released a final rule with significant amendments to the Home Mortgage Disclosure Act (HMDA). The 796-page document includes new and clarified reporting requirements that are likely to have a major impact on financial institutions. Some key changes include:
New coverage criteria for institutions. The new criteria will significantly increase the number of non-banking institutions that are required to collect and report HMDA data. However, banking institutions that originate a very low number of covered loans (fewer than 25 per year) will no longer be subject to the reporting requirements.