Stevens’ Statement on Final HMDA Rule

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.”

CONTACT
Rob Van Raaphorst

(202) 557- 2799

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MBA

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

Contact:

Mortgage Bankers Association
1331 L Street, NW
Washington, DC 20005

Phone: (202) 557-2700

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