FFIEC publishes 2023 HMDA guide, ‘Getting It Right!’

A guide from federal regulators for financial institutions’ Home Mortgage Disclosure Act (HMDA) that will be required to report 2023 home mortgage data in 2024 is available now online.

“A Guide to HMDA Reporting: Getting It Right!” is published by the umbrella Federal Financial Institutions Examination Council (FFIEC) as a resource that institutions can use to as they assemble and prepare the data they are required to submit to regulators by March 1, 2024, under the Consumer Financial Protection Bureau’s (CFPB) Regulation C.

The aim of the guide is to provide an easy-to-use summary of certain key requirements. The council notes the guide does not provide details about the HMDA submission process, or file, data, and edit specifications. Such information can be found on the FFIEC’s Resources for HMDA Filers website, available at ffiec.cfpb.gov and www.ffiec.gov/hmda/.

The Summary of Requirements reviews HMDA’s purposes and data collection, reporting, and disclosure requirements. It provides a high-level summary of: institutions and transactions covered by Regulation C; information covered institutions are required to collect, record, and report; and reporting and disclosure requirements.

The council noted this guide is not a substitute for the requirements for filing the reportable data. “The Filing Instructions Guide (FIG) is the definitive source for information regarding the filing requirements and is available at ffiec.cfpb.gov,” it said.

Helps included in the guide are:

  • overview of data requirements chart;
  • HMDA small entity compliance guide;
  • instructions on collection of data on ethnicity, race, and sex;
  • step-by-step charts summarizing transactional and institutional coverage;
  • partial exemptions charts;
  • data fields and data points chart;
  • Regulation C, 12 CFR Part 1003;
  • official interpretations to Regulation C, 12 CFR Part 1003;
  • federal HMDA reporting agencies; and
  • HMDA poster.

A Guide To HMDA Reporting: Getting It Right!