The Federal Financial Institutions Examination Council (FFIEC) has updated its Home Mortgage Disclosure Act (HMDA) guide for the collection of 2018 data due to be reported March 1, 2019. The umbrella agency represents federal regulators of banks, savings institutions, credit unions and other mortgage lenders,
This 2018 edition of “A Guide to HMDA Reporting: Getting It Right!” contains the latest updates to HMDA by the Consumer Financial Protection Bureau (CFPB) under Regulation C (Reg C) to conform with the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). It addresses the collection and maintenance of 2018 mortgage credit data that lenders are required to report to regulators by March 1, 2019.
The guide’s indices provide a chart with an overview of data requirements; the HMDA Small Entity Compliance Guide; instructions on collecting data regarding loan applicants’ ethnicity, race and sex; step-by-step charts summarizing the transactions and institutions covered by this rule; Reg C itself; official interpretations of Reg C; federal HMDA reporting agencies; and HMDA poster.
The requirements summary and forward were developed by the FFIEC – the Federal Reserve Board of Governors (Fed), CFPB, Federal Deposit Insurance Corp. (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC) and the State Liaison Committee (SLC) – and the Department of Housing and Urban Development (HUD).