The CFPB has launched a new online “Digital Check Tool” to be used by companies reporting HMDA data starting January 1, 2018.
More specifically, the new tool supports the Universal Loan Identifier (ULI) requirements of the revised HMDA rule. The CFPB states on its website that the new tool can be used for two functions. The first function is to generate a two-character check digit when a company enters a Legal Entity Identifier and loan or application ID. The second function is to validate that a check digit is calculated correctly for any complete ULI a company enters.
The CFPB also made its rate spread calculator available for use with applications on which the final action occurred on or after January 1, 2018.