CONSUMER FINANCIAL PROTECTION BUREAU ISSUES PROPOSAL TO CLARIFY MORTGAGE DATA RULE. Proposal Would Clarify Requirements and Help Companies Comply.
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The changes proposed today would help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they are required to collect and report about their mortgage lending. More...
In addition, we remind HMDA filers of changes to financial institution coverage in effect from January 1, 2017 to December 31, 2017. On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation C, which implements HMDA. The final rule narrows the scope of depository institutions subject to Regulation C in 2017. A depository institution will not be subject to Regulation C in 2017 unless it: (1) meets the current Regulation C asset-size, location, federally related, and loan activity tests, and (2) originated at least 25 home purchase loans, including refinancings of home purchase loans, (as those terms are defined in current Regulation C) in each of the two preceding calendar years (i.e., at least 25 in 2015 and at least 25 in 2016). A 2017 HMDA institutional coverage chart illustrates how to determine whether an institution is covered by Regulation C in 2017.
More on CFPB’s website.
SML Renewal Deadline and Closings of Mortgage Loans
January 4, 2017. RENEWAL DEADLINE IS OVER. License renewal is from November 1 to December 31. If an entity or individual mortgage loan originator did not timely submit their completed license renewal by December 31st they CANNOT ORIGINATE any further residential mortgage loans until their license is reinstated.
Loans that were originated PRIOR to December 31st, by a licensed and properly sponsored mortgage loan originator, can be closed and funded in the normal course of business. The status of the license on closing date does not impact the ability for the loan to be closed and funded.
More on TDSML’s website.
CFPB's eRegulations is a web-based tool that makes regulations easier to find, read, and understand. The tool has been expanded to include three additional Bureau regulations. We are also updating an existing regulation to reflect changes that the Bureau has recently made.
Check out eRegulations: www.consumerfinance.gov/eregulations.