In case you missed it, the CFPB issued a proposal last week (which consists of about 150 bonus pages of HMDA
The proposal includes:
Under the proposal, loans to a person exclusively to construct a dwelling for sale would be considered temporary financing. In other words, builder loans or spec loans would not be reportable under HMDA. That’s good news!
Comments are due 30 days after the proposal is published in the Federal Register. Stay tuned!
Published
2017/04/17
Kevin Edwards