Complying with new requirements under the Home Mortgage Disclosure Act was among credit union and bank executives' leading regulatory concerns, according to a recent survey.
On Oct. 15, the CFPB released new HMDA reporting requirements, under which credit unions will have to collect new facts, including an applicant's debt-to-income ratio, the interest rate of the loan and the discount points charged for the loan. They will also have to report information about loan terms, property values, and teaser or introductory interest rates.
In addition, banks and credit unions will have to report information about reverse mortgages and HELOCs, according to the agency.
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