WASHINGTON—The Consumer Financial Protection Bureau has released several new resources relating to Home Mortgage Disclosure Act (HMDA) implementation.
Intended for institutions, including credit unions, that report HMDA data, the Bureau has updated the preview of its “HMDA Platform” system, an online-only system designed to guide filers through the process.
The preview provides table views of the platform, giving filers an idea of what is to be expected from the new data submission process, which is expected to be released in the third quarter of 2017, reported CUNA.
The platform will require each HMDA filer to register online, the bureau said. Once registered, credit unions can directly upload its loan application register (LAR), check which stage it’s in, complete the review and verification logs, then submit the LAR. The bureau has created a LAR formatting tool to help small institutions with smaller covered loan volumes create a file format that can be submitted on the platform, CUNA explained.
The platform will identify any HMDA edits which must be addressed before the data can be submitted. Once all edits have been addressed, an authorized representative from the filer’s institution must certify the completeness and accuracy of the LAR before submission. The platform provides a confirmation screen acknowledging date and time of submission, noted CUNA.
Other new tools include two separate filing instructions guides, one for data collected in 2017, another for data collected in 2018. The guides replace the Federal Financial Institutions Examination Council’s “Getting it Right” guide previously used by HMDA filers. The CFPB has also posted a frequently asked questions guide, added CUNA.