New Rule Summary: Home Mortgage Disclosure …

October 15, 2015. New rule summary : home Mortgage Disclosure (Regulation C). The Consumer Financial Protection Bureau (Bureau) has issued a final rule amending Regulation C. This final rule changes the: 1. Types of institutions that are subject to Regulation C;. 2. Types of transactions that are subject to Regulation C;. 3. Specific information that covered institutions are required to collect, record, and report; and 4. Processes for reporting and disclosing data. Background The home Mortgage Disclosure Act (HMDA) requires certain institutions to collect, report, and disclose information about their Mortgage lending activity. This information is important because it: 1. Helps show whether financial institutions are serving the housing needs of their communities;. 2. Assists public officials in distributing public-sector investment to attract private investment to areas where it is needed; and 3.

3 NEW RULE SUMMARY: HOME MORTGAGE DISCLOSURE (REGULATION C) include agricultural-purpose transactions or other specifically excluded transactions, even if they are dwelling-secured. Home improvement loans will only be covered loans if they are secured by a dwelling. The HMDA Rule also changes the scope of covered preapproval requests.

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  Rules, Summary, Home, Disclosures, Mortgage, Dmhas, Home mortgage disclosure, Rule summary, Hmda rule

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