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CFPB Proposes Flexibility to Mortgage Data Collection
On Friday, March 24, 2017, the CFPB released a proposal to amend Regulation B to provide additional flexibility for mortgage lenders concerning the collection of consumer demographic information, while supporting the industry’s ability to use consistent forms and practices. The CFPB believes this will help the mortgage industry as it works to adopt new application forms, including the revised Uniform Residential Loan Application.
Comments to the proposal will be due 30 days after it is published in the Federal Register.