What data is included in HMDA?
What data is included in HMDA?
HMDA reporting allows regulators to analyze information on mortgage loans and mortgage lending trends in a number of categories, such as the number of pre-approvals made, the number of mortgages granted, loan amounts, and the purposes of individual loans.
How many HMDA data fields are there?
The 21 Designated HMDA Key Data Fields applicable to financial institutions that are eligible for an EGRRCPA partial exemption from HMDA’s data collection, recording, and reporting requirements are identified by an asterisk (*).
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.
What qualifies as HMDA reportable?
A consumer purpose, dwelling secured loan is HMDA reportable regardless of purpose. A business purpose, dwelling secured loan is only HMDA reportable if the purpose of the loan is to purchase a dwelling, refinance a dwelling or improve a dwelling or the real property on which the dwelling is located.
What are the uses of HMDA data?
About HMDA These data help show whether lenders are serving the housing needs of their communities; they give public officials information that helps them make decisions and policies; and they shed light on lending patterns that could be discriminatory.
What are the 3 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 …
What does PITI stand for?
principal, interest, taxes and insurance
PITI is an acronym that stands for principal, interest, taxes and insurance. Many mortgage lenders estimate PITI for you before they decide whether you qualify for a mortgage.
What is MLO?
A mortgage loan originator (MLO) is a person or institution that helps a prospective borrower get the right mortgage for a real estate transaction. The MLO is the original lender for the mortgage and works with the borrower from application and approval through the closing process.
What are two of the reasons for collecting HMDA data?
What activities does HMDA prohibit of lenders?
As the name implies, HMDA is a disclosure law that relies upon public scrutiny for its effectiveness. It does not prohibit any specific activity of lenders, and it does not establish a quota system of mortgage loans to be made in any geographic area.
How is HMDA data used?
HMDA provides the public with loan data that can be used to: Determine if financial institutions are serving the housing credit needs of their neighborhoods and communities; Help identify possible discriminatory lending patterns and assist regulatory agencies in enforcing compliance with anti-discrimination statutes.
What is excluded from HMDA reporting?
Generally, a loan or line of credit must be secured by a Dwelling to be a Covered Loan. The 2015 HMDA Rule also lists Closed-End Mortgage Loans and Open-End Lines of Credit secured only by vacant or unimproved land as Excluded Transactions.
