Although HMDA reporting institutions are busily working on their submission of 2020 data, the CFPB recently announced the availability of a beta version of the HMDA reporting platform for 2021 data. (As previously reported, in early January 2021 the CFPB announced the availability of the platform for the submission of Home Mortgage Disclosure Act
HMDA
CFPB Announces Availability of HMDA Filing Platform for 2020 Data
By Richard J. Andreano, Jr. on
The CFPB recently announced that the platform for the submission of Home Mortgage Disclosure Act (HMDA) data collected in 2020 is now available for the submission of the data. The platform may be accessed here. HMDA data for 2020 must be submitted on or before March 1, 2021.
A beta testing version of the…
CFPB Adjusts HMDA and TILA Asset Exemption Thresholds
By Richard J. Andreano, Jr. on
The CFPB recently issued a final rule increasing the asset exemption threshold under the Home Mortgage Disclosure Act (HMDA) and a final rule increasing the asset exemption threshold for the Truth in Lending Act (TILA) requirement to maintain an escrow account for a higher-priced mortgage loan.
Banks, savings associations, and credit unions are not subject…
CFPB Updates HMDA Guide for 2021 Data
By Richard J. Andreano, Jr. on
As previously reported, in August 2020 the CFPB released the Home Mortgage Disclosure Act (HMDA) Filing Instruction Guide (FIG) for data that must be collected in 2021 and reported in 2022. Recently, the CFPB released an update to the FIG. Edits Q656 and Q657 that were in Table 8: Macro Quality Edits for…
CFPB Announces No Change in HPML Appraisal Exemption Threshold
By Richard J. Andreano, Jr. on
The CFPB recently announced that it, along with the Comptroller of the Currency and Federal Reserve Board, issued a final rule that will maintain the current exemption threshold to the appraisal requirement for higher priced mortgage loans (HPML). The initial exemption threshold was $25,000, and the threshold is subject to annual adjustment based on changes…
CFPB Releases HMDA 2021 Regulatory and Reporting Reference Chart
By Richard J. Andreano, Jr. on
The CFPB recently released a regulatory and reporting overview reference chart for Home Mortgage Disclosure Act (HMDA) data to be collected in 2021. The CFPB notes that the chart is intended to be used as a reference tool for data points required to be collected, recorded, and reported under the HMDA rules, set forth in…
CFPB Announces Release of HMDA Guides for 2021 Data
By Richard J. Andreano, Jr. on
On August 21, 2020, the CFPB announced the release of the Home Mortgage Disclosure Act (HMDA) Filing Instruction Guide (FIG) for data that must be collected in 2021 and reported in 2022. The CFPB also announced the release of the Supplemental Guide for Quarterly Filers that also applies to 2021 data. HMDA requires the quarterly…
CFPB Updates HMDA FAQs
By Richard J. Andreano, Jr. on
The CFPB recently updated its Home Mortgage Disclosure Act (HMDA) FAQs to add two items regarding multiple data points.
In one FAQ, the CFPB confirms that a lender must report the credit score, debt-to-income (DTI) ratio and combined loan-to-value (CLTV) ratio if they were a factor relied on in making a credit decision, even if…
FFIEC Announces Release of 2019 HMDA Data
By Richard J. Andreano, Jr. on
On June 24, 2020, the Federal Financial Institutions Examination Council (FFIEC) announced the release of the 2019 Home Mortgage Disclosure Act (HMDA) data. This is early. In recent years the data were released in August or September, although the 2017 data were released in May. 2019 is the second year for which institutions were required…
CFPB Updates HMDA Small Entity Compliance Guide
By Richard J. Andreano, Jr. on
As previously reported, in April 2020 the CFPB released a final rule to increase the threshold to report closed-end mortgage loans under the Home Mortgage Disclosure Act (HMDA) from 25 to 100 originated loans in each of the prior two years, and to increase the permanent threshold to report dwelling-secured open-end lines of credit…