HMDA Changes Are Coming: Are You Prepared?
Nationstar Mortgage was recently fined $1.75 million for violating the Home Mortgage Disclosure Act (HMDA) by allegedly consistently failing to report accurate data about mortgage transactions from 2012 through 2014. This is the largest HMDA civil penalty imposed by the Consumer Financial Protection Bureau (CFPB) to date.
As all lenders know, regulations are ever-shifting in the mortgage industry. In 2015, changes to the reporting requirements under HMDA were finalized. The first set of changes took effect Jan. 1, and the second takes effect Jan.1, 2018. Lenders must prepare for the upcoming changes and maintain compliance thereafter in order to avoid potential penalties. Here's what lenders need to know to be prepared for these new reporting requirements.
Read the full article at Mortgage Orb