Tuesday, March 20, 2018 12:40:00 PM
Tuesday March 20, 2018 ... By John Bancroft ... jbancroft@imfpubs.com
The majority of depository institutions subject to the Home Mortgage Disclosure Act would be exempt from new reporting requirements if the regulatory relief bill passed by the Senate last week becomes law, according to a new analysis by Inside the CFPB.
Under S. 2155, banks, thrifts and credit unions that make fewer than 500 mortgages per year would benefit from the new exemption. According to an analysis of 2015 and 2016 HMDA data, some 4,710 institutions originated fewer than 500 loans in those years. The group represented 72 percent of all HMDA reporters, but only accounted for 8 percent of mortgage origination volume.
The 4,710 small mortgage lenders wouldn’t have to report new data points sought by the Consumer Financial Protection Bureau for originations in 2018 and beyond, including consumer credit scores, debt-to-income ratios, property value, borrower age and significantly more detailed information about the property’s location, including the street.
Under the Senate bill, the small lenders would still report racial and ethnic information about loan applications and funded loans, along with market information such as the census tract’s proportion of minority households and median income levels.
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