The Consumer Financial Protection Bureau recently issued proposed rules that would implement amendments to the Home Mortgage Disclosure Act (HMDA), extending HMDA reporting to multifamily mortgages specifically. The proposals would also apply to depository and non-depository lenders covering loans and applications for which the lender is the decision-maker.
NMHC/NAA joined a coalition of housing industry groups in issuing a comment letter on October 28 expressing concern that the original purpose of HMDA, to identify and report on lending practices in the single-family market, should not be extended to the multifamily market. The letter requested the elimination of multifamily reporting entirely from HMDA reporting.
The other coalition members that signed on to the comment letter include the Mortgage Bankers Association, National Apartment Association, Institute of Real Estate Management, National Association of Housing Cooperatives, Council for Rural and Affordable Housing, and the National Leased Housing Association.
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