Agency will assess if the rule is meeting its aims of maintaining a fair and non-discriminatory mortgage market
The Consumer Financial Protection Bureau (CFPB) is calling for public input regarding its review of the Home Mortgage Disclosure Act (HMDA)
The CFPB has launched a request for information (RFI) ahead of its plans to review recent changes to the rule and assess their effectiveness in accomplishing the agency’s mission to maintain a fair, competitive, and non-discriminatory mortgage market.
The bureau said the evaluation will “strengthen the CFPB’s ability to maintain a fair, competitive, and non-discriminatory mortgage market.”
The HMDA mandates lenders to report information about the mortgage applications they receive and originate. The data can be used to monitor whether lenders are serving the housing needs of their communities and shed light on lending patterns that could be discriminatory.
In 2015, the CFPB finalized changes to the rule, expanding the types of data reported by lenders and the reporting process.
The review will look at institutional and transactional coverage, data points collected from lenders, the benefits of the new data and disclosure requirements, as well as operational and compliance costs. The call for input will remain open for 60 days after publication in the Federal Register.