Added on April 13, 2017
Proposal Would Clarify Requirements and Help Companies Comply WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The changes proposed today would help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they are required to collect and report about their mortgage lending. "The Home Mortgage Disclosure Act shines a much-needed spotlight on the mortgage market, which is the largest consumer financial market in the world," said CFPB Director Richard Cordray. "Today's proposal reflects the Bureau's ongoing and substantive engagement with stakeholders in the marketplace, and will help industry meet its new reporting…
Added on April 12, 2017
As promised, we are releasing a special beta version of Comply 17, so that institutions can get a handle on where RATA is at with the changes and begin testing imports with the new data elements, if they are at that point. For those of you that just need to make sure RATA is on top of the changes, we have included a video that illustrates the new fields and imports to show you that it is implemented and works great. We have gone from 40 fields to 110 submittable fields so data collection will be a fun process. For those of you not familiar with the field changes and values, please download the 2018 File Specifications at https://www.consumerfinance.gov/data-research/hmda/static/for-filers/2018/2018-HMDA-FIG.pdf. The government has still not released the 2018 Edit Checks so really all…
Added on March 24, 2017
Proposed Rule Would Also Aid in Adoption of New Forms WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a proposal to amend Equal Credit Opportunity Act regulations to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. The CFPB believes the proposed amendments will provide greater clarity to lenders regarding their obligations under the law, while promoting compliance with rules intended to ensure consumers are treated fairly. "This law is a key part of the government's commitment to root out discrimination," said CFPB Director Richard Cordray. "This proposal will help industry comply with the law and help protect consumers against illegal discrimination." The Equal Credit…
Added on March 15, 2017
Bureau's $1.75 Million Civil Penalty for Persistent and Substantial Reporting Errors is the CFPB's Largest Penalty to Date for HMDA Violations WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for violating the Home Mortgage Disclosure Act (HMDA) by consistently failing to report accurate data about mortgage transactions for 2012 through 2014. Today's action is the largest HMDA civil penalty imposed by the Bureau to date, which stems from Nationstar's market size, the substantial magnitude of its errors, and its history of previous violations. In fact, Nationstar had been on notice since 2011 of HMDA compliance problems. In addition to paying the civil penalty, Nationstar must take the…
Added on February 17, 2017
We are pleased to announce the availability of Comply 16.11. Both the full and update versions of the installation are available on the RATA Support site. This is not a critical update and it does not require an immediate update. It does however have a lot of new features, functionality and fixes that could be helpful to the end users. We will be posting a changes document that will give you full details as to what has changed so you can decide the timeframe for updating. If you have any questions or need assistance, please contact us at 407-831-7282. Here is a list of some of the major improvements to this version: Changes to the way Geographic Areas are stored. Areas can now be stored for multi years. Many Datamine enhancements. Added Small Business and Farm Demographics to make PE…
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