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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The compliance consulting firm Wolters Kluwer conducted the survey, which drew responses from 549 credit union and bank executives, in August 2015.
The Minneapolis, Minn.-based firm reported 67% of the respondents expressed concern about the HMDA rules, down from the 73% who expressed similar concerns in the same survey last year. The executives also rated their degree of concern as seven on a 10-point scale, the company said.
The executives listed capturing the new data as their first or second specific concern about complying with the new rule (64%), the company reported, along with upgrading systems to accommodate the new requirements. Wolters Kluwer also said staff training (39%) and implementation costs (33%) rounded out the list.
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