In October 2015, the Consumer Financial Protection Bureau issued a huge expansion of Regulation C, the regulation that implements the Home Mortgage Disclosure Act. Lenders must be prepared to implement the additional reporting requirements on January 1, 2018. They cannot afford to wait. The changes require wholesale re-tooling of the HMDA infrastructure, including measures to effectuate the amendments 48 data points and 85 data fields that dwarf the existing mandatory 13 data points and 35 data fields. (The material in this book also appears in Chapter 1.2 of Mortgage Lending Compliance with Federal and State Guidance (LexisNexis Sheshunoff)).
In October 2015, the Consumer Financial Protection Bureau issued a huge expansion of Regulation C, the regulation that implements the Home Mortgage Disclosure Act. The revision changes the types of institutions subject to Regulation C, the types of transactions subject to Regulation C, and the processes for collecting, reporting, and disclosing data.
The regulatory issuances include the actual regulation, commentary on the regulation, a lengthy preamble explaining changes made to the regulation, and subsequent agency guidance contained in summaries, charts, tables, and examination procedures.
2018 Home Mortgage Disclosure Act Manual gathers all this material into one cohesive package so a reader does not have to approach the subject from the disjointed perspective of many sources. The book includes a redlined version of Regulation C (see Appendix A of this book), which highlights each change.
Many charts, tables, and lists illustrate the text to draw attention to changes, summarize differences, and bring into this package material from other sources cross-referenced by Regulation C (such as relevant Regulation Z provisions). The exhibits include an implementation checklist (Exhibit 11) and examination procedures (Exhibit 9) adapted from the existing agency HMDA examination procedures.
Chapter 6 Who Must Report a Covered Loan or Loan Application?