CFPB releases new HMDA reporting tool
AML AND COMPLIANCE NEWS |
On Feb. 1, 2018, the CFPB published the 2018 Home Mortgage Disclosure Act (HMDA) Loan/Application Register (LAR) Formatting Tool. This update to the previous LAR Formatting Tool addresses the 2018 HMDA changes and additional reporting fields.
This will allow institutions to create an electronic file to submit HMDA data collected in 2018 and 2019 that is compliant with the new HMDA fields. The tool is designed to assist filers who do not have a means to convert their HMDA data into a pipe delimited text file, for example, by using a third-party vendor HMDA or loan origination software.
This new tool and instruction guide can be found on the CPFB’s website.