Institutions should make their disclosure statements available to the public within three business days of receipt. Furthermore, each reporting institution must maintain a complete copy of its disclosure statement for public use in its home office. In December , the Board published a final rule to amend Regulation C to revise the rules for reporting price information on higher-priced loans.
The rules are being conformed to the definition of "higher-priced mortgage loan'' adopted by the Board under Regulation Z Truth in Lending in July of Since , Regulation C has required lenders to collect and report the spread between the annual percentage rate APR on a loan and the yield on Treasury securities of comparable maturity if the spread is equal to or greater than 3.
Under the final rule, a lender will report the spread between the loan's APR and a survey-based estimate of APRs currently offered on prime mortgage loans of a comparable type if the spread is equal to or greater than 1. The final rule is effective October 1, Compliance is mandatory for loan applications taken on and after that date and for loans that close on and after January 1, regardless of their application dates. It is the most secure and more efficient than the Internet e-mail submission option or preparing and mailing a diskette or CD-ROM.
The Submission via Web option is now the preferred option an institution should choose when exporting HMDA data; it offers a single step submission process which provides confirmation that the HMDA file was received successfully at the Federal Reserve Board. As a consequence of changes to the loan price rate spread reporting rules made under Regulation C in , the HMDA data reflect price information reported under two different methodologies. The changes to the disclosure statements and reports were made to help ensure the accuracy of the information provided to the public.
The changes only affected tables that included loan pricing information. In addition, the raw data made available to the public by the FFIEC contained pricing information for all loans and included a field that indicated whether or not the application for the loan was taken prior to October 1, The rules used to determine whether a loan was classified as higher-priced under HMDA were changed in The data reflect the first full year of data reported under the revised loan pricing rules.
Regulation C requires you to collect HMDA data associated with mortgage loan applications processed during , if:. If your credit union does not meet all four criteria, you are exempt from filing HMDA data for calendar year The final rule provides that a credit union does not need to collect or report certain data with respect to closed-end mortgage loans if it originated fewer than closed-end mortgage loans in each of the two preceding calendar years.
Similarly, the final rule provides that a credit union does not need to collect or report certain data with respect to open-end lines of credit if it originated fewer than open-end lines of credit in each of the two preceding calendar years. Sample data collection form — Demographic information of applicant or co-applicant Effective Jan. Skip to main content. Compliance resources Mortgage resources. Featured topic On November 10, , the Bureau released frequently asked questions on institutional and transactional coverage.
Effective January 1, through December 31, Institutional coverage chart effective January 1, Effective January 1, through June 30, Institutional coverage chart effective January 1, Transactional coverage chart effective January 1, Effective July 1, through December 31, Institutional coverage chart effective July 1, Transactional coverage chart effective July 1, Effective January 1, Institutional coverage chart effective January 1, Transactional coverage chart effective January 1, Other references Unofficial redline of the Final Rule amendments to Regulation C Collection and Reporting of HMDA Information about Ethnicity and Race Unofficial redline of the Final Rule amendments to Regulation C Proposed rule changes and related notices Summary of the May proposed amendments to Regulation C and advance notice of proposed rulemaking Unofficial redline of the May proposed amendments to Regulation C.
Sign up for updates about mortgage rule implementation. Learn about complying with HMDA. Each year, millions of people apply for mortgages. Using HMDA data, we can learn what happened to the vast majority of those applications and compare that to previous years.
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