Finally, HMDA covered financial institutions can view another piece to the never-ending puzzle of HMDA tools from the CFPB. The HMDA Platform was released today for beta testing. Starting with 2017 data collected, financial institutions are required to report HMDA data to the CFPB. The platform must be utilized by all HMDA reportable financial institutions to submit their data required by March 1, 2018.
The Bureau did clarify the reason for the release was to allow financial institutions to become familiar with the HMDA Platform and to determine whether their sample LAR data complies with the reporting requirements. The HMDA Platform does require that data be submitted in a pipe-delimited format before being submitted through the platform.
The beta version of the platform will allow financial institutions to establish test log-in credentials, upload sample files, perform validation testing and receive edit reports, allow users to test their data submission, and conclude the filing process. The beta version will be available to banks to test as much as desired prior to January 1, 2018 when the test data will be removed prior to the new filing period opening. The CFPB is requesting feedback on the system from financial institutions during this beta testing period of the HMDA Platform.
Link to the beta version of the HMDA Platform: https://ffiec.cfpb.gov
Address to provide the CFPB feedback during testing: HMDAfeedback@cfpb.gov
Check out additional information on CFPB HMDA tools:
Link to the HMDA information on CFPB website: