CFPB Launches LAR Formatting Tool

The CFPB recently launched its 2018 LAR Formatting Tool, which aims to help financial institutions prepare and convert HMDA data into electronic files so that the information may be properly submitted to the CFPB’s HMDA Platform.

The tool is primarily intended for filers who do not already use vendor or other software to prepare their HMDA data for submission, have previously entered loans manually using the FFIEC’s Data Entry Software, and typically file small volumes of covered loans and applications.

As a reminder, there are new data submission and resubmission processes for HMDA data collected by financial institutions in or after 2017.  Financial institutions will file HMDA data with the CFPB, and filing HMDA data collected in or after 2017 with the CFPB will be deemed submission to the appropriate HMDA-regulating federal agency.

Filers may download the 2018 LAR Formatting Tool here.