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Regulators to clarify changes to mortgage data reporting later this summer

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Regulators to clarify changes to mortgage data reporting later this summer

Banking regulators plan to clarify how to comply with revised Home Mortgage Disclosure Act rules, informing the industry on July 5 that guidance on HMDA changes would come "later this summer."

The changes are part of a legislative package passed by the U.S. Congress and President Donald Trump. Under the new law, institutions with fewer than 500 closed-end mortgage loans in each of the two preceding calendar years and institutions with fewer than 500 open-end lines of credit in the same time period are partially exempt from certain HMDA requirements.

The Consumer Financial Protection Bureau said institutions will be able to enter an exemption code for any HMDA fields that the company is not required to report, beginning with the 2018 data collection. The CFPB expects to release more detail on which fields are eligible for exemption in a "filing instructions guide" to be released later this summer.

The CFPB also says loan and application registers will continue to be submitted to the same HMDA platform. A beta version of the HMDA platform for 2018 data collection will be available "later this year."

In the meantime, the CFPB and the Office of the Comptroller of the Currency have said they will not assess penalties with respect to errors in data collected in 2018 and reported in 2019. The CFPB had announced this policy, in addition to a promise not to require companies to resubmit 2018 HMDA data, in December 2017. The CFPB says it may still require resubmission if data errors are "material." The agency is currently reviewing its 2015 rule expanding HMDA reporting requirements.