The Home Mortgage Disclosure Adjustment Act (HMDA) is Under Consideration in Congress


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Congressman Tom Emmer has introduced the Home Mortgage Disclosure Adjustment Act, which he says will provide much-needed regulatory relief to the nation's 3,400 community banks. This Act would amend Regulation C, which currently requires small banks to collect 48 unique data points from loan applications. A draft of the Home Mortgage Disclosure Adjustment Bill is available online by clicking here.


The "Home Mortgage Disclosure Adjustment Act" changes the rules for community banks and other financial institutions. It increases the exemption threshold for open-end and closed-end loans and gives additional discretion to community financial institutions. The new regulations will also make it easier for communities to identify which loans are riskier than others. This information is essential to improving access to mortgages and preventing future housing crises. However, proposed legislation in Congress will try to curtail this important rulemaking.


The Home Mortgage Disclosure Adjustment Act was introduced by two U.S. Senators. Heidi Heitkamp of North Dakota and Mike Rounds of South Dakota. The bill would exempt community banks from the revised Regulation C final rule by the Consumer Financial Protection Bureau. The new rule will help make the mortgage market more transparent and help prevent future housing crises. Despite the benefits of the new legislation, the proposed legislation is already under consideration in Congress.


As part of Dodd-Frank, the Home Mortgage Disclosure Adjustment Act would exempt small lenders from the HMDA rule, which will benefit consumers. As of today, the exemption thresholds for closed-end mortgage loans and open-end lines of credit are increased to 500 per calendar year. This will increase the transparency of information and help people make more informed decisions. This is good news for consumers. If the legislation passes, it will give more homeowners a chance to find a lender that will help them with their mortgage needs.


The new Home Mortgage Disclosure Adjustment Act also includes new data reporting requirements for community banks and credit unions. This act requires community banks and credit unions to collect and report 48 additional data fields for every mortgage loan they make. Those who qualify for the exemption will not have to pay more than a few dollars in fees. The act is expected to pass the Senate on a partisan basis. Unlike the current HMDA, the new law is a good thing. It will help consumers and communities alike. Continue reading here to get the facts about HMDA.


The Home Mortgage Disclosure Act aims to make the Home Mortgage Disclosure Act more transparent by requiring all lenders to disclose their mortgage loans. The bill is not perfect, but it is a step in the right direction. The Act will increase consumer protection and protect consumers. It is also the best way to ensure that all lenders meet the federal requirements for a more transparent mortgage. So, don't delay your search until this measure passes the Senate.


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