H.R. 2954 amends the Home Mortgage Disclosure Act of 1975 (HMDA) to exempt from maintenance of mortgage loan records and disclosure requirements depository institutions that have originated in each of the two preceding calendar years:
- Fewer than 500 closed-end mortgage loans; and
- Fewer than 500 open-end lines of credit.
Additionally, the bill lessens requirements for depository institutions to itemize and disclose specified mortgage loan data including the number and dollar amount of mortgage loans groups according to measurements of certain fees and costs, and the number and dollar amount of mortgage loans and completed applications grouped according to measurements related to a consumer credit profile.
Home Mortgage Disclosure Act (HMDA)requires many depository institutions and other lenders to report information about the home loans that they decision, originate, or purchase.
The Dodd-Frank Act directed the Consumer Financial Protection Bureau (CFPB) to expand HMDA data reporting to include additional information about the applicants, lenders, and loans. In October 2015, the CFPB released a final rule requiring most lenders to report additional information about mortgage applications and loans, for a total of 48 unique data fields on each mortgage loan. The rule adds 25 new data fields to the current 23, while also modifying 20 of the existing fields. This is more than double the number of data fields lenders are currently required to collect, and even beyond the number of fields required by the Dodd-Frank Act.
The majority of the provisions will be effective on January 1, 2018, and institutions will collect the new HMDA information in 2018 and report it by March 1, 2019.