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FAQs
What are the HMDA reporting requirements for 2024? ›
In 2024, Credit Union C would be required to collect and report all 48 data points for both its closed-end mortgage loans and applications and its open-end lines of credit loans and applications. Please note that a credit union may voluntarily report any or all of the 26 exempt data points.
Where do you submit HMDA data? › The Bureau hosts the HMDA Beta Filing Platform (https://ffiec.beta.cfpb.gov/) where you can submit HMDA data in a sandbox environment (a non-production system designed for application testing) prior to the official filing period.
Do I need to file HMDA? ›Any institution with loan origination of 200 or more open-end lines of credit must gather, record, and submit their reports to HMDA. However, if the loan or line of credit is not a closed-end mortgage loan or an open-end line of credit, it does not need to be reported.
What is the date for HMDA? ›Annual Filing Period Dates
The HMDA Platform is open for annual filing from January 1 – March 1. The Platform remains available outside of the filing period for late submissions and resubmissions. If you need additional information to help get your file ready you can refer Filing Instructions Guide (FIG) section.
If the loan or line of credit is neither a closed-end mortgage loan nor an open-end line of credit, the transaction does not involve a covered loan, and the financial institution is not required to report information related to the transaction.
What transactions must HMDA data be collected and reported? ›Identifying HMDA Reportable Transactions
Generally speaking, unless a transaction is expressly excluded under 12 C.F.R. §1003.3(c), an institution subject to HMDA must report all consumer closed‑end mortgage loans and open-end lines of credit secured by a dwelling.
Under HMDA and Regulation C, a transaction is reportable only if it is an Application for, an origination of, or a purchase of a Covered Loan. These materials illustrate one approach to help determine whether a transaction involves a Covered Loan.
What is the threshold for HMDA filing? ›As a result of the September 23, 2022 order, the threshold for reporting data about closed-end mortgage loans is 25, the threshold established by the 2015 HMDA Rule.
Which transactions would not be reported under HMDA? ›Which type of loan transaction is NOT covered under the HMDA reporting requirements? Neither unsecured home improvement loans nor loans on unimproved land are covered transactions.
What is the 30 day rule for HMDA? ›Financial institutions must record data on their HMDA-LAR within 30 calendar days of the end of the calendar quarter in which final action was taken. Financial institutions, however, have flexibility in determining how to maintain the HMDA-LAR since the entries need not be grouped in any prescribed fashion.
How long do you have to keep HMDA records? ›
For three years, a covered institution is required to retain its loan application register (“LAR” or “HMDA LAR”), the document which contains the recorded data on each application and loan. Financial institutions may maintain their annual HMDA LARs in either paper or electronic form.
What falls under HMDA? ›About HMDA
The Home Mortgage Disclosure Act (HMDA) requires many financial institutions to maintain, report, and publicly disclose loan-level information about mortgages.
Banks that originate at least 25 closed-end mortgage loans in each of the two preceding calendar years (25-loan threshold) are subject to HMDA data collection and reporting requirements. This is a change to the 100-loan threshold set by the 2020 HMDA Final Rule.
What is a key requirement of HMDA? ›The Home Mortgage Disclosure Act (HMDA), which is implemented by Regulation C, 12 C.F.R. 1003, requires certain financial institutions to collect, record, and report information about their mortgage lending activity. 1 Amendments to Regulation C (HMDA Amendments)2 establish the data to be collected.
Which of the following is a requirement for annual HMDA reporting? ›The requirement for annual HMDA reporting is Option B: Retaining a copy of the submitted annual LAR for at least three years in paper or electronic form. This means that financial institutions must keep a record of the Loan Application Register (LAR) for a specified period to ensure accountability and compliance.
What is the annual deadline for submitting HMDA reports? ›Mortgagees required by the Home Mortgage Disclosure Act (HMDA) and Regulation C of the Federal Reserve Board to submit HMDA data to the Department of Housing and Urban Development (HUD) shall submit their annual HMDA reports, due on or before March 1 of the following year, to the Board of Governors of the Federal ...