A GUIDE TO HMDA Reporting

A GUIDE TO

HMDA Reporting

Getting It Right!

Federal Financial Institutions Examination Council

2018 Edition

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2018 Edition

A GUIDE TO

HMDA Reporting: Getting It Right!

Edition effective January 1, 2018 (for HMDA submissions due March 1, 2019)

This edition of the Guide is the comprehensive edition for the 2018 calendar year data (due March 1, 2019). Appendices include:

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; Regulation C, 12 CFR Part 1003; Official Interpretation to Regulation C, 12 CFR Part 1003; Federal HMDA Reporting Agencies; and HMDA Poster.

Last Edited: January 31, 2018

Contents

Foreword ....................................................................................... iii Summary of Requirements .......................................................... 1

Institutional Coverage: Who Must Report? ............................................................. 1 Transactional Coverage: What Is Reported? .......................................................... 10 Compilation of Reportable Data: What Is Reported? ............................................. 28 Recording, Reporting, and Disclosure: When is it Reported?.............................. 29

Appendices .................................................................................. 35

Overview of Data Requirements Chart .................................................................. A-1 HMDA Small Entity Compliance Guide ................................................................. B-1 Instructions on Collection of Data on Ethnicity, Race, and Sex ....................... C-1 Transactional Coverage Chart .............................................................................. D-1 Institutional Coverage Chart ................................................................................. E-1 Regulation C ............................................................................................................F-1 Official Interpretations to Regulation C ............................................................... G-1 Federal HMDA Reporting Agencies ..................................................................... H-1 HMDA Poster ............................................................................................................ I-1

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Foreword

A Guide to HMDA Reporting: Getting It Right! will assist you in complying with the Home Mortgage Disclosure Act (HMDA) as implemented by the Consumer Financial Protection Bureau's Regulation C, 12 CFR Part 1003 (Regulation C). The purpose of this Guide is to provide an easy-to-use summary of certain key requirements. This Guide does not provide detailed information about the HMDA submission process, or file, data, and edit specifications. Information about those topics may be found on the FFIEC's Resources for HMDA Filers website, available at data-research/hmda/for-filers and hmda/.

The Foreword and Summary of Requirements sections of the Guide were developed by the Federal Financial Institutions Examination Council (FFIEC) -- the Board of Governors of the Federal Reserve System (Board), the CFPB the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the State Liaison Committee (SLC) -- and the U.S. Department of Housing and Urban Development (HUD). The appendices include, in addition to Regulation C and its Official Interpretations, certain HMDA compliance materials developed and issued exclusively by the CFPB and not by the FFIEC or its other member agencies. Financial institutions may wish to consult and rely upon additional compliance resources that their Federal supervisory agencies may offer. Contact information for each agency is available in Appendix H.

This edition of the Guide incorporates the amendments made to HMDA in the DoddFrank Act.1 The Dodd-Frank Act amended HMDA, transferring rulewriting authority to the Bureau and expanding the scope of information that must be collected, reported, and disclosed under HMDA, among other changes. In October 2015, the Bureau issued the 2015 HMDA Final Rule implementing the Dodd-Frank Act amendments to

1 Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376, section 2097- 101 (2010).

2018 EDITION A GUIDE TO HMDA REPORTING: GETTING IT RIGHT! | III

Regulation C.2 On August 24, 2017, the Bureau issued a final rule further amending Regulation C to make technical corrections and to clarify and amend certain requirements adopted by the 2015 HMDA Final Rule.3

The 2015 HMDA Final Rule modified the types of institutions and transactions subject to Regulation C, the types of data that institutions are required to collect, and the processes for reporting and disclosing the required data.4

The Summary of Requirements reviews HMDA's purposes and data collection, reporting, and disclosure requirements. It provides a high level summary of:

The institutions covered by Regulation C. The transactions covered by Regulation C. The information that covered institutions are required to collect, record, and

report. The requirements for reporting and disclosing data.

This Guide is not a substitute for HMDA or Regulation C. Regulation C and its official interpretations (also known as the commentary) are the definitive sources of information regarding their requirements. Regulation C is available in Appendix F and G of this Guide and at regulatory-implementation/hmda/.

2 Home Mortgage Disclosure (Regulation C), 80 FR 66128 (Oct. 28, 2015) (October 2015 HMDA Final Rule). 3 Home Mortgage Disclosure (Regulation C); 82 FR 43088 (Sept. 13, 2017) (September 2017 HMDA Final

Rule). For more information on the specific changes made by the 2017 technical corrections and clarifications to Regulation C, review the Executive Summary, available at documents/5206/201707_cfpb_hmda-executive-summary.pdf. 4 October 2015 HMDA Final Rule, 80 FR 66128-29. For more information on the specific changes made by the 2015 amendments to Regulation C, review the Executive Summary for the October 15, 2015 HMDA Rule, available at documents/5218/201510_cfpb_hmda-executive-summary.pdf. Further, Section 2 of the HMDA Small Entity Compliance Guide, available in Appendix B of this Guide, also provides an overview of these changes.

IV | 2018 EDITION A GUIDE TO HMDA REPORTING: GETTING IT RIGHT!

Additionally, this Guide is not a substitute for the requirements for filing the reportable data. The Filing Instructions Guide is the definitive source for information regarding the filing requirements and is available at dataresearch/hmda/for-filers. 5

Feedback

The FFIEC welcomes suggestions for changes or additions that might make this Guide more helpful.

Write to: FFIEC, 3501 Fairfax Drive Room B-7081a Arlington, VA 22226

Send an e-mail to: GettingItRightGuide@

Questions

If, after reviewing the resources in this Guide, you have a question regarding a specific provision of the regulation, or have questions about how to file HMDA data, please email HMDAHELP@ with your specific question, identifying the filing year you are referencing, and, when applicable, the section(s) of the regulation related to your question. You can also submit the inquiry online using the form available at

5 The Federal HMDA reporting agencies (the Board, the Bureau, HUD, FDIC, NCUA, and OCC), referred to as the "appropriate Federal agency" in Regulation C, have agreed that, beginning on January 1, 2018, all HMDA filers will file their HMDA data with the CFPB. The CFPB will process the HDMA data for the Federal HMDA reporting agencies and the FFIEC, and prepare and make available data products to the general public on behalf of the Federal HMDA reporting agencies and the FFIEC. For HMDA data reporting beginning in 2018, a web-based data submission and edit-check system (the HMDA Platform) will be available to process HMDA data. For a financial institution to submit its file, it must be in pipe delimited format. For more information on the format and how to submit the file, review the Filing Instructions Guide.

2018 EDITION A GUIDE TO HMDA REPORTING: GETTING IT RIGHT! | V

hmdahelp.. The information you provide will permit the Consumer Financial Protection Bureau to process your request or inquiry. You may also contact your appropriate Federal HMDA reporting agency (see Appendix H to this Guide.)

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Summary of Requirements

Generally, this Guide will point you to the relevant resources that discuss:

The institutions covered by Regulation C. The transactions covered by Regulation C. The information that covered institutions are required to collect, record, and

report. The requirements for reporting and disclosing data.

Institutional Coverage

The material can be found after the introduction in the referenced appendix section.

Coverage Generally Coverage Tests Exemptions Based on

State Law Mergers and

Acquisitions

Transactional

Institutional Coverage: Who Must Report?

INSTITUTIONAL COVERAGE GENERALLY An institution is required to comply with Regulation C only if it is a "financial institution" as that term is defined in Regulation C. The definition of financial institution includes both depository financial institutions and nondepository financial institutions, as those terms are separately defined in Regulation C. 12 CFR 1003.2(g).

Coverage

Compilation of Reportable Data

Recording, Reporting, and Disclosure

An institution uses these two definitions, which are outlined below, as coverage tests to determine whether it is a financial institution that is required to comply with Regulation C. For the purposes of this Guide, the term "financial institution" refers to an institution that is either a depository financial institution or a nondepository financial institution that is subject to Regulation C.

Where to Look: Regulation C's institutional coverage criteria are found within the definition of "financial institution," located at 12 CFR 1003.2(g) and the associated commentary, available in Appendix F and G of this Guide. You may also want to review section 3 of the HMDA Small Entity Compliance Guide in Appendix B and the Institutional Coverage Chart in Appendix D of this Guide.

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