Home Mortgage Disclosure Act: A sprint to the finish line


Beginning January 1st, 2018, mortgage lenders must begin collecting additional data in accordance with the Consumer Financial Protection Bureau’s (CFPB) new Home Mortgage Disclosure Act (HMDA) rule. While many lenders are making steady progress toward compliance with the new requirements, some lenders are taking a “wait and see” approach due to the uncertainty about the CFPB’s leadership and agenda and the Trump Administration’s regulatory review initiatives.

However, we do not expect to see significant revisions or a reversal of the CFPB’s rule. In fact, the CFPB recently issued its largest-ever fine for violating the existing HMDA requirements. As such, we expect examiners to not only continue to scrutinize reporting practices under the existing requirements, but also to monitor lenders’ progress with implementing the new requirements as part of their ongoing examinations.

Ahead, we take A closer look at the CFPB’s expectations for mortgage lenders during implementation and recommend actions to help mortgage lenders manage compliance risks ahead of examinations. 

A closer look

A publication of PwC's financial services regulatory practice

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Julien Courbe
US Financial Services Advisory Leader
Tel: +1 (646) 471 4771

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