In The News
Warren W. Traiger quoted in American Banker article, “Judge reverses Trump-era HMDA rule, forcing small mortgage lenders to comply”
American BankerWarren W. Traiger
The American Banker article, “Judge reverses Trump-era HMDA rule, forcing small mortgage lenders to comply,” examines the reversal of a rule enacted by the CFPB that relieved thousands of lenders from reporting data on home mortgages that is used to enforce anti-discrimination laws. Chief District Court Judge Beryl Howell of the federal District Court in Washington called the rule that eased reporting requirements under the Home Mortgage Disclosure Act “arbitrary” and “capricious,” in violation of the Administrative Procedures Act.
The 2020 rule significantly reduced the percentage of lenders required to report data on home loan applicants from 43% to 27%, and for those issuing home equity lines of credit from 15% to 9%. Traiger noted, “It’s a very big deal to the hundreds of small lenders that received an exemption and now will need to report.”
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