As mandated by Section 1094 of the Dodd-Frank Consumer Financial
Protection Act of 2010 (Dodd-Frank), CFPB will revise the HMDA
regulations to require lenders to report additional information
that could alert regulators to issues in the home mortgage
marketplace. This information would include the scheduled term of
the loan, total points and fees, rate spreads, information on
promotional interest rates, prepayment penalties and non-amortizing
features, property value and location information, and the
applicant's or borrower's age and credit score.
In addition to the revisions mandated by Dodd-Frank, the CFPB is
considering asking lenders to include more underwriting and pricing
information, such as the APRs and rate spreads, the risk-adjusted,
prediscounted interest rates, total origination charges, and total
discount points, to enable regulators to better understand new
developments in all segments of the housing finance market. The
CFPB is also considering requiring lenders to provide regulators
with explanations of rejected loan applications, whether the
lenders considered particular loans to be "Qualified
Mortgages" under the CFPB's Ability-to-Repay rule,
combined loan-to-value ratios, and borrowers' debt-to-income
To alleviate the increased collection and reporting burden that
lenders will face, the CFPB is also examining ways to streamline
reporting and data entry processes, and to standardize the
threshold for reporting requirements for depositary and
Finally, the CFPB unveiled a new publicly-available HMDA tool to provide the general public with
better access to certain mortgage data. (Not all information
collected by regulators will be made available to the public.) The
HMDA tool currently contains data from 2007 through 2012. Using the
HMDA tool, information can be filtered by a number of criteria,
including geography, loan characteristics, loan purpose, property
type, action taken, denial reason, and the applicant's and
co-applicant's race, gender and ethnicity. Users can create
customized summary tables, download the data in a variety of
formats, and save and share results.
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On June 18, 2015, the Federal Communications Commission ("FCC") voted 3-2 to approve an order that promises to have major and negative impacts on companies who use modern telephone technology to text and call consumers.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
The Complaint further alleges that the companies distributed a small number of the allegedly defective coffee pots to retailers even after the recall was announced, which is also prohibited by the CPSA.