The CFPB said it opened a 60-day comment period to help determine if the changes to its Home Mortgage Disclosure Act Resubmission Guidelines are appropriate for the HMDA data submitted as a result of recent Regulation C changes.
The Regulation C changes took place in October 2015. Specifically, the CFPB is seeking information about which modifications may be appropriate for the data that will be reported under the amendments made to Regulation C that may impact the bureau's Resubmission Guidelines.
Currently, the agency requires financial institutions reporting fewer than 100,000 loans or applications on the HMDA loan/application register to correct and resubmit HMDA data when errors are found in 10% or more of the HMDA LAR sample entries or 5% or more of the sample entries within an individual data field.
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