An updated compliance guide to home mortgage disclosure rules – aimed at small entities – was released Friday by the federal consumer financial protection agency, which includes changes made to the rules last fall.
The Consumer Financial Protection Bureau (CFPB) said the latest version (ver. 4.0) of its Home Mortgage Disclosure Act (HMDA) Small Entity Compliance Guide includes key changes to the HMDA rules, updates to the effective dates related to the rule, institutional coverage for open-end lines of credit, transactional coverage for open-end lines of credit, partial exemptions, and the non-universal loan identifier.
According to the guide, the changes finalized in October to the HMDA rule include: the types of financial institutions that are subject to Regulation C (Home Mortgage Disclosures); the types of transactions that are subject to Regulation C; the data that financial institutions are required to collect, record, and report; and the processes for reporting and disclosing HMDA data.
The guide also provides information about CFPB’s policy guidance on disclosure of loan-level HMDA data.
Small Entity Compliance Guide: Home Mortgage Disclosure (Regulation C)