A regulator is helping lenders prepare for upcoming changes to Home Mortgage Disclosure Act reporting. Two mortgage firms are utilizing service providers to help them with quality control.
The Consumer Finance Protection Bureau said last month that the beta launch of its HMDA Platform will give home lenders an opportunity to become familiar with it before going live in 2018.
According to the bureau, the beta version will enable financial institutions to establish test log-in credentials, upload sample HMDA files and perform validation on their data.
Source: Mortgage Daily