Changes to HMDA’s closing credit reporting limits | Consumer Protection Agency

On September 23, 2022, the United States District Court for the District of Columbia issued an order challenging the 2020 Home Mortgage Disclosure Act (HMDA) Final Rule pursuant to the loan report amount for closed mortgage loans. The decision means the limit for reporting records on foreclosed mortgage loans is 25 loans in each of the past two years, the limit established by the 2015 HMDA Final Rule, instead of 100 loan principal set by 2020. HMDA Final Rule.

The CFPB recognizes that financial institutions affected by this change may need time to implement or adjust policies, procedures, practices, and operations to comply with their reporting obligations. In these limited circumstances, in allocating the CFPB’s enforcement and oversight resources, the CFPB does not consider HMDA-related activities of these entities to be a priority. Therefore, the CFPB does not intend to initiate enforcement actions or cite HMDA violations for failure to report mortgage foreclosure data collected in 2022, 2021, or 2020 for entities subject to enforcement or regulation by the CFPB that meet the other requirements of Regulation C. and originated at least to 25 mortgage loan closings in each of the previous two years and less than 100 mortgage loan closings in the previous one or two calendar years.

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