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Financial Services Law Insights and Observations

CFPB announces HMDA File Format Verification Tool and new 2017 data reports and datasets

Agency Rule-Making & Guidance CFPB HMDA Mortgages

Agency Rule-Making & Guidance

On August 9, the CFPB released the 2018 File Format Verification Tool (FFVT). The FFVT tests whether HMDA reporters’ files meet formatting requirements, specifically whether the file (i) is pipe-delimited; (ii) has the proper number of data fields; and (iii) has data fields formatted as integers, where necessary. It does not include any data validation or consistency tests. Because the tool has no login functions, no federal agency will receive or review the files tested. Additionally, earlier in the week, the Bureau announced the release of the 2017 HMDA Dynamic National Loan-Level Dataset and the Aggregate & Disclosure reports. The Dynamic National Loan-Level Dataset contains the raw HMDA data reported by all HMDA reporters, redacted by the Bureau to protect applicant and borrower privacy. The Disclosure Reports summarize lending activity for individual institutions by MSA or MD and nationwide and the National Aggregate Reports summarize aggregate lending activity of all institutions, tabulated by a variety of loan, borrower, and geographical characteristics.