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VideoHome Mortgage Disclosure Act (HMDA) – 2018 Changes: Are You Preparing Now?
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March 14, 2017
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“Home Mortgage Disclosure Act (HMDA) – 2018 Changes: Are You Preparing Now?” by Bruce Zaret and Rachel Mondragon in Bankers Digest (March 15, 2017)
In October 2015, the Consumer Financial Protection Bureau (CFPB) released its final rule for updated Home Mortgage Disclosure Act (HMDA) Loan Application Registry (LAR) requirements.
The requirements, which are effective January 1, 2018, cover dwelling-secured loan applications for consumer or commercial purposes. Given the impact of the final rule, many banks have begun implementing the changes. This article will outline the requirements and suggest where bankers should be in the implementation process.