Last year, the Consumer Financial Protection Bureau relaxed some of the requirements for the data collection and reporting stipulated by the Home Mortgage Disclosure Act, HousingWire.com reported. The policy exempted insured depository institutions and credit unions that originated less than 500 closed-end mortgages or 500 open-end lines of credit in each of the two preceding years from certain HMDA reporting requirements. Now, the CFPB is proposing to ease the HMDA reporting requirements even more: The CFPB announced yesterday that it is proposing new HMDA rules that would increase the HMDA reporting threshold for mortgages, meaning some smaller lenders and credit unions may not have to report their lending activities, at all. Under the current rules, lenders that originate 25 mortgages or more in a two-year period are required to report to their HMDA data to the CFPB. The new proposal establishes two new reporting thresholds that are under consideration. According to the CFPB, the new rules would raise the HMDA reporting requirement to either 50 or 100 mortgages during a two-year period.
