What's the new 'geocoding tool' that the CFPB mentioned in its mortgage rule update?

The bureau's web-based tool would help reduce the geocoding 'pain point' that lenders experience
  • Financial institutions have to report census tract data so they can ensure they're serving communities equally, among other reasons.
  • A proposed CFPB website tool would help lenders correctly identify and report census tracts -- especially in rural areas, where geocoding is thought to be more challenging.

Last week, the Consumer Financial Protection Bureau (CFPB) released a rather dry 150-page amendment proposal for Regulation C of the Home Mortgage Disclosure Act (HMDA). However, buried within the proposal were some interesting clues surrounding a new geocoding tool that the CFPB is providing to help lenders identify a property’s census tract.