WASHINGTON, D.C. – October 16, 2015 – (RealEstateRama) — David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) released the following statement regarding the Consumer Financial Protection Bureau’s (CFPB) final Home Mortgage Disclosure Act (HMDA) rule:
“We commend the CFPB for releasing what is the final mortgage-related rule from Dodd-Frank, and appreciate that financial institutions will have until January 1, 2018 to adapt their reporting systems to capture the new information that the CFPB will be collecting. While there will be new reporting requirements for some market segments, we appreciate that the Bureau is making MISMO technology standards a core part of the new reporting. MBA wants to reiterate its concerns about data security and consumer privacy in light of all the additional detailed information on consumers that the government will be collecting and disclosing under the new HMDA guidelines. In the months to come, we look forward to working closely with the Bureau to ensure that consumers’ data is protected.”
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