Who is subject to HMDA reporting requirements?

Who is subject to HMDA reporting requirements?

HMDA requires lenders to report the ethnicity, race, gender, and gross income of mortgage applicants and borrowers. Lenders must also report information regarding the pricing of the loan and whether the loan is subject to the Home Ownership and Equity Protection Act, 15 U.S.C. 1639.

Does HMDA require a report to be filed every year with the CFPB?

Under Regulation C, 12 CFR 1003.5(a)(1)(ii), financial institutions that report for the preceding calendar year at least 60,000 covered loans and applications (excluding purchased loans) must report their HMDA data quarterly (except for the fourth quarter) in addition to annually.

What is HMDA reportable?

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 name of the report put out by CFPB?

The financial report provides readers with the summary results of the CFPB’s operational activity and it is the principal statement of our accountability to the American people, the United States Congress, and the President of the United States. Topics: Open government.

What is Uli and NULI?

report a universal loan identifier (ULI) pursuant to ยง 1003.4(a)(1)(i) for an application for a. covered loan that it receives, a covered loan that it originates, or a covered loan that it. purchases, the financial institution shall assign and report a non-universal loan identifier. (NULI).

When must HMDA data be collected?

Beginning on January 1, 2022, a financial institution originating 200 or more open-end lines of credit must collect, record, and report HMDA data for open-end lines of credit.

How often is HMDA reported?

quarterly reporting
Beginning January 1, 2020, the 2015 HMDA Final Rule requires quarterly reporting for financial institutions that reported a combined total of at least 60,000 applications and covered loans, excluding purchased covered loans, for the preceding calendar year.

What is the report put out by CFPB using HMDA data?

These reports summarize nationwide lending activity. They indicate the number and dollar amounts of loan applications, cross-tabulated by loan, borrower and geographic characteristics.

What are the three purposes of HMDA?

The data- related requirements in HMDA and Regulation C serve three primary purposes: (1) to help determine whether financial institutions are serving their communities’ housing needs; (2) to assist public officials in distributing public investment to attract private investment; and (3) to assist in identifying …

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