CPFB Proposes Changes To Reporting Data on Mortgage Loans
The Consumer Financial Protection Bureau is proposing two alternatives to increase the threshold for reporting data about closed-end mortgage loans so that institutions originating fewer than either 50 closed-end mortgage loans, or alternatively 100 closed-end mortgage loans, in either of the two preceding calendar years would not have to report such data as of Jan. 1, 2020.
Once that temporary extension expires, the notice of proposed rule making would set the open-end threshold permanently at 200 open-end lines of credit. The Mortgage Bankers Association reports the bureau also issued an Advance Notice of Proposed Rulemaking seeking information on the costs and benefits of reporting certain data points under HMDA rules.
"[The] proposed changes would provide much needed relief to smaller community banks and credit unions while still providing federal regulators and other stakeholders with the information we need under the Home Mortgage Disclosure Act," said CFPB Director Kathleen L. Kraninger in a statement. "The public is encouraged to submit their comments on the proposals, which will be considered by the Bureau before the next step is taken."
