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WBK Industry News - Federal Regulatory Developments

CFPB Publishes New Resources on HMDA Final Rule, Including 2018 Edit Specifications

The CFPB recently released new resources for HMDA filers, including 2018 Edit Specifications and a HMDA Loan Scenarios document.

The 2018 Edit Specifications are found in an updated version of the 2018 Filing Instructions Guide (FIG) and will be important in order for financial institutions and their vendors to fully test new systems or processes prior to the effective date of the CFPB’s October 2015 HMDA Final Rule. The new HMDA Loan Scenarios document is intended to help institutions prepare their HMDA loan/application register (LAR) under the Final Rule by providing three different examples of how an institution would map information from a given loan transaction to the specific data fields laid out in the 2018 FIG.

Modifications have also been made to certain other existing resources, including the Technology Preview, Frequently Asked Questions (FAQs), and 2017 and 2018 FIGs.

The updated resources may be found here.