For which of the following transactions must HMDA data be collected and reported?
For which of the following transactions must HMDA data be collected and reported?
Identifying HMDA Reportable Transactions §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.
Who is responsible for fair lending compliance?
the Consumer Financial Protection Bureau
With the exception of those federally insured credit unions with assets over $10 billion, which are under the authority of the Consumer Financial Protection Bureau, NCUA enforces ECOA and Regulation B in federal credit unions and the Home Mortgage Disclosure Act (HMDA) and Regulation C in all federally insured credit …
What are two of the reasons for collecting HMDA data?
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 …
What is HMDA and why is it important?
To make sure a lender serves the housing finance needs of its community
What is the purpose of HMDA?
The Home Mortgage Disclosure Act (HMDA) is a federal act approved in 1975 that requires mortgage lenders to keep records of certain key pieces of information regarding their lending practices which they must submit to regulatory authorities. It was implemented by the Federal Reserve through Regulation C.
What is reported to HMDA?
All reportable HMDA loans must be reported as a separate line item upon the LAR sheet, which is then sent on an annual basis to the FFIEC . Each lender must list preset data that includes the date of the loan application, loan type, loan amount, and property location and disposition of the application (approved or not approved).
What is HMDA reportable?
Home Purchase Loans. HMDA requires that any loan secured by real estate made for the purpose of purchasing a home is reportable on an annual basis to the Federal Financial Institutions Examination Council (FFIEC), which is the federal reporting agency of the Federal Reserve Board.
