A rule requiring lenders to collect more information from mortgage borrowers has been finalized by the Consumer Financial Protection Bureau (CFPB).
The rule, which was required by the Dodd-Frank Act, expands the data that lenders are required to collect and report under the Home Mortgage Disclosure Act (HMDA). In response to industry concerns, the CFPB made several changes to its preliminary draft, including an extension of the compliance date and exclusion of data collection in connection with most commercial transactions.
Released late last week, the rule adds 25 pieces of new information and modifies 14 others that were proposed initially.
