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CFPB Launches Beta Version of HMDA Platform

November 07, 2017 / Source: Ballard Spahr LLP

CFPB Launches Beta Version of HMDA Platform

By Richard J. Andreano, Jr. on November 3, 2017
POSTED IN CFPB GENERAL, HMDA, MORTGAGES

On Friday November 3, 2017 the Consumer Financial Protection Bureau (CFPB) announced the launch of the Internet-based platform that financial institutions will use to submit data under the Home Mortgage Disclosure Act (HMDA).

Each user will need to register online for login credentials and establish an account in order to access the platform. Financial institutions can use the beta period to test login credentials, upload sample HMDA files, perform validation on their HMDA data, receive edit reports, confirm their test data submission, and conclude the test HMDA filing process.  There is no limit on the extent to which a financial institution may use the platform for testing purposes during the beta period.

All test accounts that are created during the beta period, and test data that is uploaded during the period, will be removed from the platform when the filing period for 2017 HMDA data opens in January 2018.

The CFPB encourages institutions to provide feedback on their experiences using the platform by sending comments to HMDAfeedback@cfpb.gov.