Section 3 HOME MORTGAGE DISCLOSURE ACT AND REGULATION C

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1 Section 3 HOME MORTGAGE DISCLOSURE ACT AND REGULATION C 2015 CUNA MORTGAGE LENDING REGULATIONS 3-1

2 Section 3 Home Mortgage Disclosure Act and Regulation C Overview The Home Mortgage Disclosure Act of 1975 (HMDA) is implemented by Consumer Financial Protection Bureau (the Bureau s) Regulation C. Congress passed HMDA to eliminate redlining and other illegal practices by lenders that sometimes contributed to the decline of certain geographic areas by failing to provide adequate home financing to qualified applicants on reasonable terms and conditions. These practices appeared to be systematically eliminating the granting of loans in older, blue collar, ethnic neighborhoods, making it impossible for existing homeowners in those areas to rehabilitate their properties and for potential new purchasers to invest in those neighborhoods. As a result, some neighborhoods were rapidly decaying and, in many cases, were eventually abandoned. HMDA expressly provides that nothing in this title is intended to, nor shall it be construed to, encourage unsound lending practices or the allocation of credit. The intent of the Act is to (1) provide the public with loan data that can be used to help show whether financial institutions are serving the housing needs of their communities, (2) assist public officials in distributing publicsector investments in a way that attracts private investment to areas where it is needed, and (3) require the collection of applicant and borrower information to assist in identifying possible discriminatory lending patterns and enforcing antidiscrimination statutes. Definitions Regulation C contains definitions that are crucial in determining if a credit union is required to collect and report HMDA data, as well as in determining which loans fall under these reporting requirements. Some of the key definitions follow. Application is defined as an oral or written request for a home purchase loan, a home improvement loan, or a refinancing that is made in accordance with procedures used by the financial institution for the type of credit requested. A request for a pre-approval for a home purchase loan is also considered an application if a written commitment that is good for a specific period of time, for a specified amount, with some conditions is given to the applicant per that request. Branch office is defined as any office where member accounts are established or loans are made, whether or not the office has been approved as a branch by a federal or state agency. A branch office does not include offices of affiliates or other third parties, such as loan brokers, or other offices where loan applications are merely taken, nor does it include freestanding electronic terminals, such as automated teller machines (ATMs). Dwelling includes the principal residence of the borrower, vacation homes, 2015 CUNA MORTGAGE LENDING REGULATIONS 3-2

3 second homes, rental property, mobile or manufactured homes, multifamily structures, and condominiums or cooperative units, whether or not attached to real property. Home-improvement loan is a loan where the proceeds are intended for repairing, rehabilitating, remodeling, or improving the dwelling. Loans secured by a lien on a dwelling must be included in the HMDA report. Home improvement loans not secured by a lien on a dwelling are only reportable if the financial institution classifies the loan as a homeimprovement loan on its books, in the call report, or in some other fashion. Home-purchase loan is defined as any loan secured by and made for the purpose of purchasing a dwelling. Metropolitan Area is a metropolitan statistical area or a primary metropolitan statistical area, as defined by the United States Office of Management and Budget. The Department of Commerce creates and designates them as Primary Metropolitan Statistical Areas (PMSAs), Metropolitan Statistical Areas (MSAs), and Consolidated Metropolitan Statistical Areas (CMSAs). Pre-approval is a written commitment to extend credit for a home purchase that specifies the maximum amount of credit that will be extended and the time during which the commitment is valid. The commitment letter may include certain conditions that limit the commitment such as identification of the property or proof that there have been no material changes in the borrower s creditworthiness since the date of the commitment. Pre-qualification is a request by a prospective loan applicant for a preliminary determination on whether they qualify for credit and/or the dollar amount for which they would qualify. Regulation C does not require credit unions to report these applications if the decision is based on less rigorous underwriting standards and there is no binding written commitment from the credit union. Refinancings involve the satisfaction of an existing obligation that is replaced by a new obligation by the same borrower where both the existing and the new loan are secured by a lien on a dwelling. Is Your Credit Union Exempt from HMDA Reporting? Qualifying for exempt status Your credit union is exempt from the reporting requirements of HMDA for one calendar year if certain criteria are met as of the preceding December 31. A credit union should ask itself the following questions to determine if it should report HMDA data. 1. Do the assets of the credit union total more than $44 million as of December 31, 2014? This threshold is evaluated each November based on changes in the Consumer Price Index. If an adjustment is necessary, the Bureau will announce the revised threshold in December prior to the calendar year that it becomes effective and publish the change in the staff commentary to Regulation C. Note: The $44 million applies to the calendar year ending Dec. 31, 2014, for data collection in Institutions with assets at or below 2015 CUNA MORTGAGE LENDING REGULATIONS 3-3

4 $44 million as of December 31, 2014, are exempt from data collection for Does the credit union have a home or branch office in a metropolitan statistical area (MSA)? 3. In the preceding calendar year, did the credit union originate at least one homepurchase loan or refinancing of a homepurchase loan secured by a first lien on a one- to four-family dwelling? 4. Is the credit union federally insured or regulated, is the mortgage loan insured, guaranteed, or supplemented by a federal agency, or is the loan intended for sale to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corp. (FHLMC)? If the response to questions one through three, and at least one issue in question four, is Yes, HMDA reporting requirements apply to the credit union s loan originations, purchases, and applications in the current calendar year. Exemption based on state law State-chartered credit unions may qualify for an exemption from the requirements of this regulation if they are subject to a state disclosure law that contains requirements substantially similar to those imposed by HMDA and that contains adequate provisions for enforcement. Contact your state league or local counsel to see if this exemption applies to your credit union. Change in exempt status If for any reason a credit union becomes exempt from HMDA reporting requirements, the collection of HMDA data may stop with the next calendar year. For example, a credit union whose assets fall below the threshold prior to December 31 of a given year reports data for the full calendar year in which it was covered, but does not report data for the following calendar year. Conversely, if the credit union loses its exemption, data collection would begin the following year. Effects of a merger If your credit union is part of a merger, this action may have an effect on your data collection and reporting responsibilities. If the merger results in a covered credit union, data collection must begin January 1 of the following calendar year. Some merger and reporting scenarios follow: Scenario 1 Two exempt credit unions merge. No data collection is required for the year of the merger even if the merger results in a covered credit union. Scenario 2 A covered credit union and an exempt credit union merge, leaving the covered credit union the surviving credit union. For the year of the merger, data collection is required for the covered institution s transactions and optional for transactions handled in the offices of the previously exempt credit union. Scenario 3 A covered credit union and an exempt credit union merge, leaving the exempt credit union as the surviving credit union, or a new credit union is formed. Data collection is required for transactions of the covered credit union taking place prior to the merger and optional for transactions after the merger date. Scenario 4 Two covered credit unions 2015 CUNA MORTGAGE LENDING REGULATIONS 3-4

5 merge. Data collection is required for the entire year. The surviving or newly formed credit union may file either a consolidated report or separate reports for that year. Bulk purchase of loans If a covered credit union purchases HMDA-related loans in bulk from another entity (for example, from a failing credit union) and neither a merger nor an acquisition of a credit union is involved, the purchasing credit union must report these loans as purchased loans. Compiling Loan Data A credit union must gather information on loans originated or purchased even if the loans are sold afterwards, as well as on loan applications that do not result in an origination (for example: loan denials, withdrawn applications, applications that are approved but not accepted, and files closed for incompleteness). This information is collected for two categories of loans: (1) home purchase and (2) home improvement as well as any refinancing of both these types of loans for each calendar year. Exemptions from reporting Regulation C expressly excludes certain loans that might otherwise fall into the categories of home-purchase loan or home-improvement loans. These include: Loans on unimproved land. Temporary financing (for example, bridge loans and constructions loans). only in a fiduciary capacity. Purchase of an interest in a pool of mortgages, such as a mortgage participation certificate, a real estate mortgage investment conduit (REMIC), or a mortgage-backed security. Purchases solely of servicing rights to loans. The acquisition of only a partial interest in a home purchase or a home improvement loan by a credit union, even if it has participated in the underwriting and origination of the loan (such as in certain consortium loans). Pre-qualification requests for mortgage loans that are not denied or that don t result in the origination of a homepurchase loan. Loans acquired as part of a merger or acquisition or as part of the acquisition of all of the assets and liabilities of a branch. At a credit union s option, home equity lines of credit for home purchase or home improvement may be reported. The instructions for completing the HMDA Loan/Application Register provide that these loans should be excluded if the proceeds are intended for a purpose other than home improvement. If the credit union decides to report home equity credit line originations, it must also report any applications that do not result in an origination. Reporting the reasons for denying a loan is strictly the option of the credit union and is not required. Loans where the credit union is acting 2015 CUNA MORTGAGE LENDING REGULATIONS 3-5

6 Required data Regulation C requires credit unions to report the following information for each loan application: A specific loan or application number and the date the application was received. The type and purpose of the loan. Whether the application is a request for pre-approval and if it resulted in a denial or an origination. The type of property the loan or application relates to. The owner-occupancy status of the property the loan relates to. The amount of the loan. The action taken on the application and the date it was taken. The location of the property to which the loan applies, by metropolitan area, state, county and census tract, if the credit union has a branch or home office in that metropolitan area. The ethnicity, race, or sex of the applicant and income level relied on in processing the loan. The type of entity that purchases the loan from the credit union. Whether the loan is subject to the Home Ownership and Equity Protection Act of The spread if the loan APR exceeds an average of comparable prime mortgage rates by at least 1.5 percentage points for first-lien loans or 3.5 percentage points for subordinate lien loans. For now, the Fed will rely on the Primary Mortgage Market Survey (PMMS) conducted by Freddie Mac for purposes of determining the average prime offer rate (APOR) and plans to post these rates and related information on the Internet on a weekly basis. The Fed may at any time consider other alternatives for calculating this average rate, including conducting its own survey. Lenders will be required to use the most recent average rate as of the date in which the lender locks in the interest rate for the final time before the loan is consummated. The lien status of the loan or application (for example, first lien, subordinate lien, or not secured by a lien on a dwelling). Collecting data The request for the required data can be included on the loan application or on a separate form that refers to the loan application. Appendix 3-A to this section provides a sample form using the recommended language supplied in Appendix B to Regulation C. Information on ethnicity, race, and sex This information may be gathered in one of the following three ways: 1. Use the form supplied in Appendix B to Regulation C. 2. If your credit union is presently collecting this information for loan applications secured by a dwelling under the requirements of the ECOA, use the ECOA form. 3. If the applicant does not provide the requested information, the lender must 2015 CUNA MORTGAGE LENDING REGULATIONS 3-6

7 make a designation based on visual observation or surname, if possible, unless the application was taken by electronic means without video capability or by mail. The applicant must be informed that this information is used for government monitoring purposes only, that federal statutes prohibit discriminating against applicants on that basis, and that, if the applicant does not provide the information, it will be noted based on visual observation. If the application is taken over the phone, by mail, or via the Internet, a copy of the information collection form, the ECOA form, or a substantially similar form must be included with any application forms mailed to the applicant. A credit union is not required to collect information on ethnicity, race, sex, and income level for loans purchased by the credit union. Optional data Credit unions may report the following: The reasons it denied a loan application; Requests for pre-approval that are approved by the institution but not accepted by the applicant; or Home equity lines of credit made in whole or in part for the purpose of home improvements or home purchase. Who Is Required to File a Report? Credit unions meeting the HMDA criteria for collecting and reporting HMDA data as identified previously in this section must complete the reporting form required by Regulation C. This form is known as the HMDA Loan/Application Register (HMDA-LAR) and lists the HMDA data for loan applications received, loans originated, and loans purchased. Completing the HMDA-LAR Regulation C requires each credit union to maintain a register of all covered loans for which application is made, regardless of whether the loan is actually granted, and for loans purchased by the credit union. The HMDA-LAR form The HMDA loan application register must be updated within 30 days after the end of each calendar quarter. Separate registers may be maintained for different branch offices or different loan types; however, they must be submitted to the Bureau in a single package. A credit union is obligated to compile and report information on loans only once. This should be done during the year in which the action is taken on a loan application. If a loan is originated, report it during the year of the origination. If the loan is denied or the application withdrawn, it must be reported during the year in which that action takes place. For example, if an application for a loan is made in October 2011 and final action is taken in January 2012 (denied, approved, withdrawn), this loan would be reported on the March 2013 HMDA report CUNA MORTGAGE LENDING REGULATIONS 3-7

8 The report must follow a prescribed format but does not have to be reported on the form itself as long as the layout conforms to that of the Bureau s form. A sample HMDA-LAR form is available at Keep in mind that credit unions reporting more than 25 entries must use an automated format. Required information Specific information must be reported by credit unions in certain forms and using the codes supplied by the Federal Reserve. The following provides a discussion of each section of the LAR and the appropriate codes/identifiers to use. Application or loan information section 1. The application or loan number can be any identifier (up to twenty-five characters long) that can be used later to retrieve the particular loan or application to which the entry relates, and must be unique among all the entries on the form. To ensure the member s privacy, it is recommended that you not use names or Social Security numbers. For example, if the report contains data from several branches, and each branch keeps its own register, make sure that a code (or a series of numbers) is assigned to each branch to avoid duplication. 2. Enter either the date the application was received or the date shown on the application form. For purchased loans, enter the code NA for not applicable. Regulation C requires the format of the date to be in a specific form depending on the means used to transmit the report. For paper submissions, the date should be entered as month, day, and year, using numerals and in the form MM/DD/CCYY (for example, 01/15/2000). For electronic submissions, the proper format is CCYYMMDD (for example, ). 3. The type of loan or application must be entered using one of the following classifications and the code assigned it: 1 Conventional (any loan other than FHA, VA, FSA, or RHS loans). 2 FHA-insured (Federal Housing Administration). 3 VA-guaranteed (Veterans Administration). 4 FSA/RHS-guaranteed (Farm Service Agency or Rural Housing Services). 4. The type of property must be entered using one of the following codes: 1 One-to-four-family dwelling other than manufactured housing. This category includes loans on individual condominium or cooperative units. 2 Manufactured housing. 3 Multifamily dwelling. 5. The purpose of the loan or application must be entered using one of the following classifications and the code assigned it: 1 Home purchase (for the purpose of purchasing a residential dwelling for one to four families and secured by that dwelling or another dwelling). 2 Home improvement both secured and unsecured (if a portion of the proceeds are to be used for repairing, rehabilitating, remodeling, or improving a one- to four-family dwelling or the real property on which it is located, 2015 CUNA MORTGAGE LENDING REGULATIONS 3-8

9 and if the loan is classified as a home-improvement loan. Home equity loans both originations and non-originations would be recorded here at the credit union s option). 3 Refinancing (of home purchase or home improvement loan on a oneto four-family dwelling). 6. Indicate whether the property will be owner-occupied as a principal dwelling by using the following classifications and the code assigned it: 1 Owner-occupied as a principal dwelling (assume that purchased loans are owner-occupied unless the application or loan documents indicate otherwise). 2 Not owner-occupied as a principal dwelling(use for second homes, vacation homes, and rental properties related to one- to fourfamily dwellings including individual condominiums or cooperative units). 3 Not applicable (for multifamily dwellings not located in a metropolitan area, or located in a metropolitan area where the credit union does not have a main or branch office). 7. Enter the amount of the loan or application for a loan, rounding to the nearest $1,000 (shown in thousands) and excluding the dollar signs. Loans for an amount under $500 are not to be reported. For example a loan for $500 would be reported as 1 and a loan for $167,300 would be reported as 167. For submissions in automated form, the computer program used should add leading zeros to the loan amount to fill out the column (for example, for a loan amount of $95,000 would be entered as 00095). Leading zeros are not required when reports are submitted in paper form. The following rules apply when determining the loan amount to report: For home-purchase loans the credit union originates, enter the principal amount of the loan. For purchased loans, enter the unpaid principal balance at the time the loan is purchased. For home-improvement loans (originations and purchased), any unpaid finance charges may be included in the loan amount if that is how the loan is recorded on the credit union s books. For multi-purpose home-improvement loans, enter the full amount of the loan, not just the amount specified for home improvement. For home equity lines of credit (if the credit union chooses to report them), report only the amount of the line that is for home improvement, and only during the year the line is established. For refinancings, report the total amount refinanced, including the amount outstanding on the original loan as well as any new money. For denied or withdrawn applications, report the amount applied for. 8. Indicate whether the application is a request for a pre-approval by using one of the following codes: 1 Pre-approval requested. 2 Pre-approval not requested CUNA MORTGAGE LENDING REGULATIONS 3-9

10 3 Not applicable. Action taken section 1. Indicate the action taken using one of the following classifications and the code assigned it. Only report loans and applications that have action taken during the calendar year. Pending applications will be reported during the year that final action is taken. Note: With regard to participation loans, if the credit union originates and then sells partial interest in a loan, the loan should be reported as an origination. A credit union that acquires partial interest in this type of loan does not report the loan on its HMDA-LAR. Rescinded transactions may be reported as originations or as applications approved but not accepted. 1 Loan originated (including accepted counteroffers and pre-approvals). 2 Application approved but not accepted (for approved loans where the applicant fails to respond to notification of approval or commitment letter within the specified time). 3 Application denied (includes counteroffers turned down, or lack of response to a counteroffer, and conditional approvals when conditions are not met. Do not include withdrawn or approved but not accepted applications). 4 Application withdrawn (for loans expressly withdrawn by the applicant before a credit decision has been made). 5 File closed for incompleteness (use when a Reg B notice of incompleteness has been sent and the applicant failed to respond to the request for additional information within the time period specified in the notice). 6 Loan purchased by your credit union. 7 Pre-approval request denied. 8 Pre-approval request approved but not accepted (optional reporting). 2. Enter the date on which final action was taken on the loan application. For paper submissions, enter the date by month, day, and year, using numerals and in the form MM/DD/CCYY (for example, 02/22/2000). For electronic submission, the proper form is CCYYMMDD (for example, ). In choosing the correct date to report, consider the following: For loans originated, use the closing or settlement date. For loans purchased, enter the date on which the loan was purchased. For loans that are denied, approved but not accepted, or closed for incompleteness, enter the date on which the action was taken or the notice was sent to the member. For withdrawn applications, enter either the date on which the express withdrawal was received or the date indicated on a written request for withdrawal from the member. For pre-approvals that lead to a loan origination, enter the date of the origination. Property location section Enter the location of the property, 2015 CUNA MORTGAGE LENDING REGULATIONS 3-10

11 using the metropolitan area number and not the name. The proper numbers are those in effect on January 1 of the calendar year during which you are reporting. A current list of metropolitan area numbers can be obtained from your regional supervisory agency or the FFIEC. If a loan or application relates to property located in a metropolitan area where the credit union has a home or a branch office, it must report the appropriate geographic information about the property location. Follow these specifications: 1. Enter the two-digit numerical code for the state and the three-digit numerical code for the county in which the property is located. (These codes are also available from your regional supervisory agency or the FFIEC.) 2. Enter the census tract number where the property is located. (Census tract numbers are available from the United States Census Bureau s Census Tract/ Street Index for 2000 or the census-tract outline maps.) Use NA if located in an area not divided into census tracts. If located in a county with a population of 30,000 or less in the 2000 census, enter either NA or the census tract number. For property located outside the metropolitan areas where the credit union has a home or branch office, or for property located in an area not designated as a metropolitan area, enter either: (1) The metropolitan area, state, and county codes and the census tract number or NA if the property is in an area not designated as a metropolitan area; or (2) NA in all four columns even if code numbers exist. If the application is a request for pre-approval that is denied or that is approved but not accepted by the applicant, enter NA in all four columns. Applicant information section Information on the race or national origin, sex, and annual gross income relied on in making the loan decision must be reported for all loan applications. However, in the following situations the code for not applicable may be used. Loans the credit union purchased. The credit union had assets of $44 million or less on the preceding December 31. The borrower or applicant is not a natural person (for example, a corporation or partnership). Note: When a loan application is handled strictly by mail or through an electronic component (Internet or facsimile) without video capabilities, the application must include a collection form regarding ethnicity, race, and sex. If the applicant does not provide the data, enter the code for information not provided by applicant in mail, Internet, or telephone application. 1. Ethnicity is requested for both the applicant and the co-applicant. There are two columns, A for applicant information and CA for co-applicant information. If there is more than one co-applicant, only provide information on the first coapplicant listed. Report this information 2015 CUNA MORTGAGE LENDING REGULATIONS 3-11

12 using one of the following classifications and the code assigned it: 1 Hispanic or Latino 2 Not Hispanic or Latino 3 Information not provided by applicant in mail, Internet, or telephone application 4 Not applicable (use this if the applicant or co-applicant is not a natural person or when the loan was purchased by your credit union.) 5 No co-applicant 2. The race of the applicant and the coapplicant must be reported using one of the following classifications. There are two columns, A for applicant information and CA for co-applicant information. If there is more than one co-applicant, only provide information on the first co-applicant listed on the application. If an applicant selects more than one racial designation, enter all Codes corresponding to the applicant s selections. Report this information using one of the following eight classifications and the code assigned it: 1 American Indian or Alaska Native 2 Asian 3 Black or African American 4 Native Hawaiian or Other Pacific Islander 5 White 6 Information not provided by applicant in mail, Internet, or telephone application 7 Not applicable (use this if the applicant or co-applicant is not a natural person or when the loan was purchased by your credit union.) 8 No co-applicant 3. The sex of the applicant and the coapplicant must be reported using one of the following classifications and the code assigned it: 1 Male. 2 Female. 3 Information not provided by applicant in mail, Internet, or telephone application. 4 Not applicable. 5 No co-applicant or co-borrower 4. The gross annual income relied on in making the credit decision must be entered next. The dollar amount should be rounded and shown in terms of thousands (for example, $35,500 would be reported as 36 ). If the loan application is for a multifamily dwelling or no income was asked for or relied on in making the credit decision, use the code NA in this section. Type of loan purchaser If your credit union sells a loan in the same calendar year during which it either originated or purchased the loan, you must identify the type of purchaser to whom it was sold. If the loan is sold to more than one purchaser, use one of the following classifications and the code assigned it for the entity purchasing the greatest interest. If only a portion of the loan is sold with the credit union retaining a majority interest, do not report this sale. Loans swapped for mortgagebacked securities are to be treated as sales. The regulation provides the following ten categories for the collection of purchaser information: 0 Loan was not originated or was not sold in the calendar year covered by register (for loans denied, withdrawn, approved but not accept CUNA MORTGAGE LENDING REGULATIONS 3-12

13 ed, closed for incompleteness, or originated or purchased but not sold in the same calendar year). 1 Fannie Mae 2 Ginnie Mae 3 Freddie Mac 4 Farmer Mac 5 Private Securitization 6 Commercial bank, savings bank, or savings association 7 Life insurance company, credit union, mortgage bank, or finance company 8 Affiliate institution (loans sold to a parent, subsidiary, or other affiliated credit union or credit union service organization) 9 Other type of purchaser Reasons for denial A credit union may report up to three of the following nine reasons for denial of an application for a loan. However, if the application was withdrawn or closed for incompleteness, this column should not be used. Reporting this information is optional. 1 Debt-to-income ratio. 2 Employment history. 3 Credit history. 4 Collateral. 5 Insufficient cash (example, down payment, closing costs). 6 Unverifiable information. 7 Credit application incomplete. 8 Mortgage insurance denied. 9 Other. Submitting the HMDA Report Credit unions must submit HMDA reports to the Bureau no later than March 1 of the year following the calendar year the compiled information applies to. HMDA Data Entry Software (DES) is available to assist credit unions in automating the filing of their HMDA data. The free software includes editing features to help verify and analyze the accuracy of the data. The data file created, using this software, can be submitted to the credit union s regulatory agency using one of the following export options: Submission via Web (this is the preferred, most secure and efficient method); Internet submission; or diskette/cd-rom for mailing. The FFIEC website provides information on preparing and submitting the HDMA report. default.htm Public Disclosure of HMDA Information Using the loan data submitted by all financial institutions, the Federal Financial Institutions Examination Council (FFIEC) creates aggregate disclosure reports for each MSA and makes the reports available to the public at central data depositories located in each MSA (usually libraries or planning agencies designated by the FFIEC) and online. The FFIEC was directed to produce tables for each metropolitan area 2015 CUNA MORTGAGE LENDING REGULATIONS 3-13

14 that aggregates the lending activity of institutions, grouped according to location, age of housing stock, income level and racial characteristics. HMDA data can be obtained by visiting the FFIEC website at hmda/default.htm. The FFIEC disclosure statement The FFIEC prepares a disclosure statement for each reporting institution from the data submitted on the LAR and posts these disclosure statements at gov/hmda. Credit unions are required to make this statement available to the public at their home offices no later than three business days from the date it is posted to the FFIEC website. This information must also be made available to the public within 10 business days of its posting on the FFIEC website by either: (1) making a copy available in at least one branch office of each additional metropolitan area where the credit union has offices, or (2) posting a notice in the lobby of each branch office in a given metropolitan area, providing the address to which a request for the statement can be mailed. If the credit union elects to post the address for mailing a request, the disclosure must be mailed or delivered within fifteen days of receipt of a request. The disclosure statement can be available in paper form, or if the requester agrees, in automated form. Modified HMDA-LAR To protect the privacy of the loan applicants, the HMDA-LAR must be modified before it is made available to the public. The application or loan number, the date the application was received, and the date the action was taken must be deleted. The modified LAR must be available by March 31 for requests made on or before March 1, and within thirty days for requests made after March 31. Credit unions are not required to have a modified LAR prepared in advance, can make it available in either paper or automated form, can include only data the pertains to the metropolitan area in the request, and must make it available for public inspection and copying during the hours the office is normally open for business. A reasonable fee can be charged for any cost incurred in providing or reproducing the data. Lobby notice A credit union must place a notice in the lobby of its main office and any branch office located in any metropolitan area, indicating the availability of HMDA data. On request, the credit union must promptly disclose the locations at which disclosure statements and the modified LARs are available. Regulation C provides the following suggested language: HOME MORTGAGE DISCLOSURE ACT NOTICE The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; race, gender and income of applicants and borrowers; and information about loan approvals and denials. Inquire at this office regarding where HMDA data may be inspected CUNA MORTGAGE LENDING REGULATIONS 3-14

15 If the credit union makes its disclosure statement available upon request instead of at branch offices, the following sentence may be included in the notice: To receive a copy of this data send a written request to (address). Compliance The FFIEC publication, A Guide to HMDA Reporting: Getting It Right!, available at provides assistance in complying with HMDA and addresses the needs of those who actually prepare the report. Part One of the Guide is an Executive Summary for management officials responsible for an institution s compliance with HMDA. It provides an overview of the law s requirements, explains how to determine whether an institution is covered by HMDA, and summarizes management s responsibilities. Parts two and three contain directions for assembling the necessary tools, plus step-by-step instructions for completing the LAR. If your credit union is required to comply with HMDA, management must ensure that: Procedures are in place for collecting and maintaining accurate data regarding each loan application, loan origination, and purchase of loans for home purchase or home improvement and for refinancings of these loans. The individuals assigned responsibility for preparing and maintaining the data understand the regulatory requirements and are given the resources and tools needed to produce complete and accurate data. Appropriate record entries are made on the LAR within 30 calendar days after the end of the calendar quarter in which final action occurs (such as origination or purchase of a loan, or denial or withdrawal of an application). For loans sold, the type of purchaser may be added later. An officer of the credit union monitors the collection of the loan/application data during the course of the year for compliance with the reporting instructions, reviews the data, and certifies the accuracy of the data submitted to NCUA at year end. The loan/application data are submitted on time and the credit union responds promptly to any questions that may arise during processing of the data submitted. Enforcement and Penalties for Noncompliance Enforcement of the HMDA requirements for most credit unions is the responsibility of the NCUA. The Act also provides that the NCUA may exercise any other authority conferred on it by law, including civil money penalties and administrative sanctions. However, any reporting errors deemed bona fide errors are not considered violations of the regulation. Bona fide errors would be those made in compiling or recording data that are unintentional and occur despite the maintenance of procedures reasonably adapted to avoid such errors CUNA MORTGAGE LENDING REGULATIONS 3-15

16 Record Retention Requirements The credit union must retain copies of the full HMDA-LAR for at least three years for examination purposes. The modified HMDA-LAR must be available to the public for a minimum of three years and the disclosure statement prepared by the FFIEC for five years CUNA MORTGAGE LENDING REGULATIONS 3-16

17 Appendix 3-A Sample Data Collection Form INFORMATION FOR GOVERNMENT MONITORING PURPOSES The following information is requested by the federal government for certain types of loans related to a dwelling in order to monitor the lender s compliance with equal credit opportunity, fair housing, and home-mortgage disclosure laws. You are not required to furnish this information but are encouraged to do so. The law provides that a lender may not discriminate on the basis of this information, or on whether you choose to furnish it. However, if you choose not to furnish the information and you have made this application in person, under federal regulations the lender is required to note ethnicity, race, and sex on the basis of visual observation or surname. If you do not wish to furnish the information, please check below. APPLICANT: p I do not wish to furnish this information. Ethnicity: p Hispanic or Latino p Not Hispanic or Latino Race or National Origin: p American Indian, Alaskan Native p Asian p Black, African American p Native Hawaiian, Pacific Islander p White Sex: p Female p Male CO-APPLICANT: I do not wish to furnish this information. Ethnicity: p Hispanic or Latino p Not Hispanic or Latino 2015 CUNA MORTGAGE LENDING REGULATIONS 3-17

18 Race or National Origin: p American Indian, Alaskan Native p Asian p Black, African American p Native Hawaiian, Pacific Islander p White Sex: p Female p Male 2015 CUNA MORTGAGE LENDING REGULATIONS 3-18

19 Home Mortgage Disclosure Act and Regulation C Quiz/Study Guide 1. What is the asset threshold amount used to determine if a credit union is exempt from HMDA reporting requirements? 2. A merger between two credit unions will have an effect on how the HMDA report should be filed and what information should be included. What is the effect when a covered credit union and an exempt credit union merge and the surviving credit union is the covered credit union? 3. Credit unions must gather loan information on home-purchase and homeimprovement loans. However, the regulation expressly excludes eight types of loans from this requirement. List four of the eight types of loans excluded from HMDA reporting. 4. The HMDA-LAR must report specific information. List eight pieces of required information CUNA MORTGAGE LENDING REGULATIONS 3-19

20 5. If a member refuses to supply information on race, ethnicity, or sex what steps should the loan interviewer take to supply that information with the loan application? 6. What are the three criteria that if met, require a credit union to complete and submit an HMDA-LAR? 7. Credit unions are only required to report a loan once. What determines when the loan is reported? 8. What is the deadline date for submitting the HMDA report? What are the preferable methods for the reporting? 9. Credit unions must make their modified HMDA-LAR available for public inspection. What must a credit union do to its original HMDA-LAR before making it available for public inspection? 2015 CUNA MORTGAGE LENDING REGULATIONS 3-20

21 Home Mortgage Disclosure Act and Regulation C Answer Key 1. $44 million. (Page 3-3) 2. For the year of the merger, data collection is required for the covered institution s transactions and optional for transactions handled in the offices of the previously exempt credit union. (Page 3-4) 3. Loans on unimproved land; temporary financing; loans where the credit union is acting only in a fiduciary capacity; purchases of an interest in a pool of mortgages such as a mortgage participation certificate; purchases of servicing rights to loans; acquisition of only a partial interest in a home-purchase or homeimprovement loan even if the credit union participated in the underwriting and origination of the loan (such as in certain consortium loans); pre-qualification requests that are not denied or do not result in an origination, and loans acquired as part of a merger. (Page 3-5) 4. A specific loan or application number; the date of the application was received; the loan type; the loan purpose; the owner-occupancy status; amount of the loan; action taken on the loan; the date the action was taken; the metropolitan area number; the two-digit state code; the three-digit county code; the six-digit census tract number; the race or ethnicity of the applicant and co-applicant; the sex of the applicant and co-applicant; the gross annual income used on the application; if the loan was sold, the code number for the purchaser and the lien status. (Page 3-6) 5. The loan interviewer should inform the applicant that the information is for government monitoring purposes only, federal law prohibits that discrimination based on this information, and that the information will be provided based on visual observation if not supplied by the applicant. When a loan application is handled strictly by mail, Internet, or facsimile and the applicant does not provide the data, enter the code for information not provided by applicant in mail, Internet, or telephone application. (Page 3-7) 6. Assets meeting the threshold established each December by the Bureau; a home or branch office in a metropolitan area; and origination of at least one federally related home-purchase loan in the preceding calendar year. (Page 3-7) 7. Loans are reported in the year that final action is taken on the loan which is also known as the origination date. This date is reported on the HMDA-LAR in the action taken column. (Page 3-10) 2015 CUNA MORTGAGE LENDING REGULATIONS 3-21

22 8. Credit unions must submit their HMDA report by March 1 of the year following the year the information applies to. Credit unions should submit forms via and in encrypted form using the FFIEC HMDA data entry software that is provided. (Page 3-13) 9. Remove the application or loan number, the date the application was received, and the date the action was taken on the application. (Page 3-14) 2015 CUNA MORTGAGE LENDING REGULATIONS 3-22

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