CFPB Clarifies Information Collection Requirements

April 13, 2017 Seth Welborn

The increased amount of data which the CFPB has required lenders to report has led increased complications. Several lenders and trade groups have asked for clarification on the definition and reporting requirements for new HMDA reporting categories, such as “loan purpose” the unique identifier for the originator of the loan. In a statement, the CFPB let firms know that they can avoid reporting on those topics if they do not have the information due to loans which were purchased from a third party.

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