CFPB Focus on HMDA Accuracy

The CFPB has announced that it is stepping up efforts to address Home Mortgage Disclosure Act (HMDA) compliance. These efforts by the CFPB will include utilizing its enforcement and supervision tools with a focus on supervisory examination of mortgage companies. Within the last year, the CFPB has taken action against two lenders due to reporting inaccurate HMDA data. These enforcement actions resulted in over $15 million in civil penalties. In addition, the CFPB conducted research on a small group of mortgage lenders and loan originators which identified high rates of failure to report demographic information correctly. Regulatory Solutions can assist you in ensuring your HMDA data, including your demographic information reporting, is accurate by conducting a HMDA scrub comparing your HMDA LAR to source documents. Contact us today to get started.

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