WASHINGTON—The CFPB has issued a technical amendment to the Home Mortgage Disclosure Act (HMDA) rule to update Regulation C to reflect the closed-end mortgage loan threshold, in accordance with a recent court decision.
The closed-end mortgage loan reporting threshold is 25 mortgage loans in each of the two preceding calendar years – the threshold previously established by the 2015 HMDA rule, NAFCU noted.
“The U.S. District Court for the District of Columbia recently determined the CFPB’s 2020 rule to raise the closed-end data reporting thresholds under the HMDA was ‘arbitrary and capricious’ as the Bureau didn’t adequately consider the negative impact loss of data could have on communities,” NAFCU explained.
A Reversion
The 2020 rule increased the reporting threshold for closed-end loans from 25 loans in the preceding two calendar years to 100 loans, which took effect July 2020. With the court’s ruling, the threshold reverts to the previous amount. The 2020 rule also increased the threshold for reporting open-end lines of credit, such as home equity lines of credit, from 100 loans to 200 loans; that change took effect earlier this year, NAFCU added.
Just in Time for the Holidays, CUToday’s Free Morning Headline Email is Now Double-Free!
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.