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This document provides guidelines for understanding and applying the Home Mortgage Disclosure Act (HMDA) edits, including syntactical, validity, and quality checks for loan application data reported

How to fill out home mortgage disclosure act

How to fill out Home Mortgage Disclosure Act - Revised 2004 HMDA Edits

1. Collect data on loan applications, including borrower demographics and loan details.
2. Ensure compliance with the revised HMDA requirements for reporting data, including the necessary edits.
3. Use the appropriate software or forms designated for HMDA data submission.
4. Review and verify that all data fields are correctly filled out according to HMDA guidelines.
5. Submit the data by the deadline specified by regulatory authorities.

Who needs Home Mortgage Disclosure Act - Revised 2004 HMDA Edits?

1. Lenders and financial institutions that originate home mortgage loans.
2. Regulatory agencies monitoring fair lending practices.
3. Researchers and policymakers analyzing housing and lending patterns.

People Also Ask about

Are loan modifications HMDA reportable?

Modification. When it comes to HMDA, a refinance is reportable, but a modification generally is not.

What loans are not HMDA reportable?

Any institution with loan origination of 200 or more open-end lines of credit must gather, record, and submit their reports to HMDA. However, if the loan or line of credit is not a closed-end mortgage loan or an open-end line of credit, it does not need to be reported.

Who is not required to report HMDA data?

HMDA Data Partial Exemptions Regulation C provides that a credit union is not required to collect or report certain data points with respect to closed-end mortgage loans if the credit union originated fewer than 500 covered closed-end mortgage loans in each of the 2 preceding calendar years.

How do I know if a loan is HMDA reportable?

Identifying HMDA Reportable Transactions Generally speaking, unless a transaction is expressly excluded under 12 C.F.R. §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 is a key requirement of HMDA?

The Home Mortgage Disclosure Act requires certain financial institutions to collect, report, and disclose information about their mortgage lending activity. HMDA was originally enacted by the Congress in 1975 and is implemented by Regulation C (12 CFR Part 1003).

What type of loan is not reportable under HMDA?

Primarily for Agricultural Purpose: Loans used primarily for agricultural purposes or secured by a dwelling that is located on real property that is used primarily for agricultural purposes are not HMDA reportable.

What must retain the modified HMDA LAR for?

A financial institution must retain its full (unmodified) HMDA-LAR for at least three years for examination purposes. It must also be prepared to make each modified HMDA-LAR available for three years and each FFIEC disclosure statement available for five years.

What transactions are excluded from HMDA reporting?

Section 1003.3(c)(6) provides that the purchase of closed-end mortgage loans or open-end lines of credit as part of a merger or acquisition, or as part of the acquisition of all of the assets and liabilities of a branch office, are excluded transactions.

For pdfFiller’s FAQs

What is Home Mortgage Disclosure Act - Revised 2004 HMDA Edits?

The Home Mortgage Disclosure Act (HMDA) - Revised 2004 HMDA Edits refers to amendments and updates to the original HMDA regulations, which require certain financial institutions to collect, report, and publicly disclose data about home mortgage lending. These edits aim to enhance transparency and ensure compliance with fair lending laws.

Who is required to file Home Mortgage Disclosure Act - Revised 2004 HMDA Edits?

Financial institutions including banks, savings associations, credit unions, and certain non-depository lenders that meet specific asset and loan volume thresholds are required to file the HMDA data. Typically, institutions that originated more than 100 mortgage loans in the preceding year will need to comply.

How to fill out Home Mortgage Disclosure Act - Revised 2004 HMDA Edits?

To fill out the HMDA data, institutions should gather relevant loan information, including loan amount, type, purpose, and the applicant's demographic details. The information must be reported using the standardized data format provided by the Consumer Financial Protection Bureau (CFPB). Institutions should ensure that data entry complies with the revisions and formats specified in the 2004 Edits.

What is the purpose of Home Mortgage Disclosure Act - Revised 2004 HMDA Edits?

The purpose of the HMDA - Revised 2004 Edits is to promote fair lending practices by providing transparency in mortgage lending data. This data helps regulators monitor lending patterns, identify discriminatory practices, and ensure equal access to credit for all individuals.

What information must be reported on Home Mortgage Disclosure Act - Revised 2004 HMDA Edits?

Institutions must report various information including the loan amount, property location, applicant's race and ethnicity, gender, income, loan type, purpose of the loan, and whether the loan was originated or denied. Additionally, data on the type of loan applicant and the disposition of the application is also required.