New requirements for reporting loan activity under the Home Mortgage Disclosure Act have been somewhat relaxed by the Consumer Financial Protection Bureau.
The Dodd-Frank Wall Street Reform and Consumer Protection Act required the bureau to expand HMDA data collected and reported such as underwriting and pricing. It also authorized the bureau to require other data.
Technical corrections were outlined in a CFPB final rule issued in August. The rule also clarified reporting requirements and increased the threshold for collecting and reporting data on home-equity lines of credit for two years.
Source: Mortgage Daily