New Rules May Exempt Many Small Lenders

The CFPB announced Thursday that it is proposing new Home Mortgage Disclosure Act (HMDA) rules that would increase the HMDA reporting threshold for mortgages, meaning some smaller lenders and credit unions may not have to report their lending activities, at all.

Under the current rules, lenders that originate 25 mortgages or more in a two-year period are required to report to their HMDA data to the CFPB.


Contributed by H. DeWitt Ingram III

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