MBA Commends CFPB’s Final Rulemaking on HMDA Transaction Reporting
WASHINGTON, D.C. (April 16, 2020) - MBA President and CEO Robert D. Broeksmit, CMB, released the following statement regarding the Consumer Financial Protection Bureau's (CFPB) final rulemaking on Home Mortgage Disclosure Act (HMDA) transaction reporting rules.
"MBA commends CFPB Director Kathy Kraninger and the Bureau's increase in the HMDA transaction reporting threshold for closed-end mortgages from 25 to 100 loans. This rulemaking provides significant relief to many of our residential and commercial/multifamily members and has been a longstanding MBA advocacy priority. Under these revised rules, HMDA reporting for 2020 is optional for lenders that did not meet the 100-loan threshold in either 2018 or 2019.
"We look forward to our ongoing work with the Bureau and other stakeholders on HMDA reporting guidelines, including future consideration on whether the reporting of business-to-business loans secured by multifamily property is justified under the purposes of HMDA."