HMDA

The regulator on Thursday announced a delay in the implementation of its prepaid rule, along with safe harbor for HMDA data reporting.

The Consumer Financial Protection Bureau said Thursday that it plans to reopen its rulemaking for the Home Mortgage Disclosure Act and will not assess penalties against mortgage lenders for any errors in data collected in 2018.

The Community Home Lenders Association wants Mick Mulvaney, the acting director of the CFPB, to delay implementation of the Home Mortgage Disclosure Act that goes into effect on Jan. 1.

With leadership of the Consumer Financial Protection Bureau resolved by a federal court, the banking industry is eager to find out what interim head Mick Mulvaney plans to do once he gets a handle on the agency, including whether he will delay pending new mortgage rules.

With mortgage originations on the decline, lenders that want to regain lost volume or grow market share must work harder to identify and reach underserved borrower segments.

A new Republican director of the Consumer Financial Protection Bureau is likely to take immediate action to change certain rules, including the "qualified mortgage" and payday rules, while curbing pending enforcement actions that are considered too harsh on financial firms.

The CFPB's practice of "regulation by enforcement" forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, said David Motley, the new chairman of the Mortgage Bankers Association.

Texas is receiving $58 million from the Community Development Block Grant disaster recovery program that HUD administers.

Fannie Mae used last year's Home Mortgage Disclosure Act data to increase its origination projections for both 2017 and 2018 even as its overall economic outlook remained unchanged from September.

The latest version of Ellie Mae's Encompass loan origination system includes new features for Home Mortgage Disclosure Act compliance and digital mortgages.

The share of purchase and refinance loans originated by nonbanks are at their highest point since at least 1995, according to an analysis of new Home Mortgage Disclosure Act data.

A Consumer Financial Protection Bureau proposal would limit how much Home Mortgage Disclosure Act data is released to the public in an effort to protect consumer privacy.

The changes are aimed at aligning requirements with a new Consumer Financial Protection Bureau rule under the Home Mortgage Disclosure Act.

Lenders will not have to report data on open-ended home equity lines of credit in 2018 or 2019 if they originated fewer than 500 HELOCs the preceding year, the bureau said.

Amendments to the Home Mortgage Disclosure Act regs include a number of new and modified data collection and reporting requirements that require attention now.

Efforts to repeal a Dodd-Frank mandate for lenders to report data on small-business applicants — including race and ethnicity — overlook the benefits of the provision to both communities of color and banks.

The Federal Housing Finance Agency has added three categories to the list of protected classes under equal opportunity employment and inclusion rules for regulated entities.

Some credit union advocates are praising the Consumer Financial Protection Bureau for a move that exempts select institutions from certain reporting requirements, but other say the bureau must still do more.

Affordable housing shortages and declining loan volumes are making it difficult for banks to originate enough mortgages to meet their Community Reinvestment Act obligations, which could make filling shortfalls with loans from nonbanks more expensive.

Lenders are feeling some relief on the regulatory front, but they still expect their compliance expenses to rise, according to a recent Lenders One survey.