An updated version of the guide for reporting Home Mortgage Disclosure Act (HMDA)-related data collected in 2020 and reported in 2021 was released Thursday by federal regulators.
In a financial institution letter (FIL 9-2020), the Federal Deposit Insurance Corp. (FDIC) said the release of the 2020 edition of A Guide to HMDA Reporting Getting It Right by the Federal Financial Institutions Examination Council (FFIEC) is aimed at helping financial institutions better understand HMDA requirements, including the data collection and reporting provisions.
According to the FDIC letter, revisions to the 2020 edition of the guide are technical. According to the exam council, the 2020 edition presents information to aid HMDA compliance in the event of a merger or acquisition. It also updates the appendices to reflect recent amendments to Regulation C made by the Consumer Financial Protection Bureau (CFPB). (Those changes were made in response to the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act [EGRRCPA, S.2155]).
The bureau’s amendments, the FDIC letter points out, implement and clarify partial exemptions from reporting established by S.2155. The exemptions are available to certain institutions that are eligible based on the number of mortgages they originate and their Community Reinvestment Act (CRA) ratings.
The amendments also extend a temporary increase in the HMDA coverage threshold with respect to open-end lines of credit. The temporary threshold of at least 500 lines of credit in each of the preceding two calendar years remains in effect for 2020 and 2021.