The Federal Financial Institutions Examination Council has launched a beta version its new platform for filing Home Mortgage Disclosure Act (HMDA) data.
The beta platform is intended to give financial institutions an opportunity to familiarize their compliance staffs with the platform and determine whether their sample loan application register (LAR) data complies with the reporting requirements outlined in the Consumer Financial Protection Bureau’s Filing Instructions Guide for HMDA data collected in 2017.
Financial institutions can use the beta platform to:
- Establish test log-in credentials;
- Upload sample HMDA files and perform validation on their data;
- Receive edit reports;
- Allow users to confirm their test data submission; and
- Conclude the test HMDA filing process.
There is no limit to how many times companies may test and retest these functions during the beta period. All test accounts created and test data uploaded during the beta period will be removed from the system when the filing period opens in January 2018.
Beginning with HMDA data collected in 2017 and submitted in 2018, responsibility to receive and process HMDA data will transfer from the Federal Reserve to the CFPB, according to the 2017 HMDA Filing Instructions Guide. HMDA agencies have agreed that data collected in or after 2017 can be submitted to the CFPB and still be deemed to have been submitted to the appropriate federal agency.