CFPB Updates the Home Mortgage Disclosure Act (HMDA) With New Rule

The Consumer Financial Protection Bureau (CFPB) announced last week that they are adding a new rule to the Home Mortgage Disclosure Act (HMDA), which is said to help bring clarity to the mortgage market.

HMDA requires many financial institutions to maintain, report, and publicly disclose information about home loans. It was originally enacted by Congress 40 years ago to show whether lenders were serving the housing needs of their communities,
while providing public officials with data that helps them make informed decisions and policies, and also identify lending patterns that could be discriminatory. (more…)