CFPB Updates HMDA Resources

The CFPB has started off the new year by releasing and updating their BSA Training and Banking Regulations Compliance Consulting diane11 - CFPB Updates HMDA Resources
HMDA resources
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For those needing assistance with formatting HMDA data, a 2017 LAR Formatting Tool has been released to help create an electronic file that can be submitted to the HMDA Platform. This tool was developed to help those that have a lower volume of HMDA applications and don’t have a another way of getting HMDA data into the proper (pipe delimited text) file format, such as through your Loan Origination Software (LOS), Excel, etc. If you have a solution through your LOS, a different vendor, or are using Excel to create a file, this CFPB formatting tool isn’t necessary. If you’re looking for a solution, read through the Instructions before downloading the tool.

The Technology Preview page has also been updated. This page includes information on the HMDA Platform, including the submission, resubmission, and edit processes; as well as information on other tools. The CFPB also plans to make a File Format Verification Tool available early this year so that you can confirm your data is formatted correctly.

There is also additional information on the required file type and how to save or modify data in the updated FAQs.

Published
2017/01/13
Diane Dean

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