CFPB Floats New Mortgage Lender Reporting Requirements

Law360, New York (February 7, 2014, 3:11 PM EST) -- The U.S. Consumer Financial Protection Bureau said Friday it is considering asking mortgage lenders to begin reporting new information, including loan lengths, interest rates and borrowers' ages and credit scores, in order to get a better handle on the market.

While lenders are already required to report some information under the Home Mortgage Disclosure Act, the bureau said the Dodd-Frank Wall Street Reform and Consumer Protection Act transferred HMDA rulemaking authority to it and mandates an expansion of the HMDA dataset that would be helpful in...
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