HMDA Reporting and Multifamily Finance
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The CFPB should amend HMDA regulations (Regulation C) to exempt business-to-business loans secured by multifamily property.
Overview: The Home Mortgage Disclosure Act (HMDA) requires mortgage lenders to collect and report information on specific data points pertaining to their lending practices. The Dodd-Frank Act transferred administration of HMDA to the Consumer Financial Protection Bureau (CFPB). Under the implementing rules if Regulation C, financial institutions that originate at least 25 covered commercial mortgage loans secured by single-family or multifamily property in each of the two preceding calendar years, and meet other specifications for either depository or non-depository financial institutions, are required to collect and report HMDA data. MBA continues to urge the CFPB to exempt business-to-business loans secured by multifamily property from Regulation C.