The Consumer Financial Protection Bureau announced the beta launch of its new HMDA Platform, giving the industry about two months to test if they’re compliant with reporting requirements.
Most of the 2015 updates to the Home Mortgage Disclosure Act rule take effect in January 2018. As a result, this gives the industry until the end of the year to get familiar with the HMDA Platform before having to officially file documents.
In particular, the CFPB said the industry should use the portal to “determine whether their sample Loan Application Register data complies with the reporting requirements outlined in the Filing Instructions Guide for HMDA data collected in 2017.”
During the beta period, financial institutions may test and retest as often as desired. And once the filing period opens in January 2018, all test accounts created and test data uploaded during the beta period will be removed from the system.
Read more in Housing Wire.
Test the beta version of the HMDA Platform.