Today, the Consumer Financial Protection Bureau issued a final rule that makes significant amendments to its Home Mortgage Disclosure Act (“HMDA”) regulations. The final rule is available here.
At 797 double-spaced pages, the final rule is almost half the length of the TILA-RESPA Integrated Disclosure rule, which came into effect earlier this month. Institutions will have to devote significant attention to digesting and implementing all the new HMDA requirements. The new requirements come into effect in three phases, starting in January 2018, January 2019, and January 2020.
K&L Gates will be circulating a client alert shortly, followed by a webinar, to help institutions navigate this complex final rule.