WASHINGTON—The Bureau of Consumer Financial Protection has released a new beta version of the Home Mortgage Disclosure Act (HMDA) platform for data collected in 2018.
Of note, this version of the platform requires financial institutions to have a legal entity identifier (LEI), explained NAFCU.
The beta HMDA portal allows financial institutions to establish test log-in credentials, upload sample files and validate the data, receive edit reports, confirm test data submissions and complete test filing processes. The Bureau said it will make adjustments to the platform during the test period.
The bureau said financial institutions must have an LEI that's recognized by the HMDA platform in order to create a new account or test data with an existing account.
NAFCU noted that LEI replaces current institutional identification numbers for Loan/Application Registers (LARs) filed in 2019.