As most of you are aware, the Consumer Financial Protection Bureau (CFPB) finalized the Home Mortgage Disclosure Act (HMDA) rule in October 2015. With all the focus on TRID, many are not aware that the new HMDA rule adds 25 new data points and modifies 14 others in addition to the existing 9 data fields that were already required. Additionally, lenders now must begin to start reporting data on other types of loans such as reverse mortgages and home equity lines of credit.
To help us sort out all of these changes, we have asked ALICE ALVEY, SVP of Indecomm Global Services and a regular on this program, to walk us through many of these changes and tell us what lenders are doing to prepare.
