Thursday, October 12, 2017 1:35:02 PM
By Thomas Ressler ... tressler@imfpubs.com
IMFnews ... Thursday, Oct 12, 2017
Efforts by the GOP to expand exemptions to the Consumer Financial Protection Bureau’s new Home Mortgage Disclosure Act data collection and reporting requirements may or may not succeed. But any lender or aggregator seeking to sell eligible mortgages to the GSEs will still have to get with the program.
Fannie Mae and Freddie Mac continue to tweak their systems and processes to accommodate the new mandates, scheduled to kick in Jan. 1, 2018. Early this week, Freddie updated its Loan Product Advisor to align with the updated reporting requirements from the CFPB.
The GSE told sellers if their loan origination systems have not been updated to align with its June LPA specification and they are not collecting the updated HMDA data, they should continue providing the existing HMDA data until the LOS has been updated.
If they have started collecting the updated data, they should follow the CFPB’s guidance to roll up the data for submission using the current format.
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