The Bureau provides a list of frequently asked questions and answers on particular topics to assist in understanding and complying with HMDA and Regulation C. Browse all FAQ topics. The webinars are accurate as of their original presentation dates and do not reflect amendments to Regulation C issued after their presentation dates. Browse HMDA webinars. Sample data collection form — Demographic information of applicant or co-applicant Effective Jan.
Skip to main content. Compliance resources Mortgage resources. Featured topic On November 10, , the Bureau released frequently asked questions on institutional and transactional coverage. Effective January 1, through December 31, Institutional coverage chart effective January 1, Effective January 1, through June 30, Institutional coverage chart effective January 1, Transactional coverage chart effective January 1, Effective July 1, through December 31, Institutional coverage chart effective July 1, Transactional coverage chart effective July 1, Effective January 1, Institutional coverage chart effective January 1, Transactional coverage chart effective January 1, Other references Unofficial redline of the Final Rule amendments to Regulation C Collection and Reporting of HMDA Information about Ethnicity and Race Unofficial redline of the Final Rule amendments to Regulation C Proposed rule changes and related notices Summary of the May proposed amendments to Regulation C and advance notice of proposed rulemaking Unofficial redline of the May proposed amendments to Regulation C.
Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. The Home Mortgage Disclosure Act HMDA is a federal law approved in that requires mortgage lenders to keep records of key pieces of information regarding their lending practices, which they must submit to regulatory authorities. It was implemented by the Federal Reserve through Regulation C. The Home Mortgage Disclosure Act and Regulation C include requirements for regulatory submissions and public disclosures.
Regulation C is also an important component of the Act. Regulation C was created by the Federal Reserve to overlay the requirements of the Act and designate certain additional requirements that banks must follow.
In general, the primary purposes of the Home Mortgage Disclosure Act and Regulation C are to monitor the geographic targets of mortgage lenders, providing a way to identify predatory or discriminatory lending practices, and to report statistics on the mortgage market to the government. The HMDA also helps support government-sponsored community investment initiatives by providing a means for analyzing the allocation of resources. The data are used by government agencies, consumer groups, and bank examiners to determine compliance with various federal fair housing and credit laws including the Equal Credit Opportunity Act, the Fair Housing Act, the Community Reinvestment Act CRA , and state laws.
The HMDA asks lenders to identify the sex, race, and income of those applying for or obtaining mortgages, but the data is anonymized in record keeping. Under HMDA and Regulation C, certain mortgage lenders are required to maintain records of specified mortgage lending information for reporting purposes. In , 5, lenders reported 8. In April , the CFPB issued a final rule raising the data-reporting thresholds for collecting and reporting data about closed-end mortgage loans under the HMDA from 25 to loans effective July 1, HMDA reporting allows regulators to analyze information on mortgage loans and mortgage lending trends in a number of categories, such as the number of pre-approvals made, the number of mortgages granted, loan amounts, and the purposes of individual loans.
The federal reporting also greatly details the approvals of various types of government-sponsored loans including the Federal Housing Administration , Farm Service Agency, Rural Housing Services, and Veterans Affairs loans.
Federal Regulation C requires lenders to prominently display a poster in every branch office lobby that provides information on requesting their unique HMDA statistics. These statistics can also be viewed by the public online for free at the CFPB data repository. While these statistics are of natural interest to potential borrowers, they can also be an important research tool for investors researching banking and lending stocks.
By comparing the most recent few years' statistics, an investor can easily identify whether or not a lender is growing its core business. The codes for each agency are:. Applicant Ethnicity Ethnicity of the applicant.
This is reported for originated loans and for loan applications that do not result in an origination. Institutions may, but are not required to, report applicant ethnicity for purchased loans. When the applicant is not a natural person a business, corporation or partnership, for example or when the applicant information is unavailable because the loan has been purchased by your institution, the numerical code for "not applicable" is reported.
Applicant Race Race of the applicant. Institutions may, but are not required to, report these data for purchased loans. Applicant Sex Sex of the applicant. Application Received Date The date the application was received or the date shown on the application form.
For purchased loans, "NA" for not applicable is reported. Branch Office For banks and thrifts, a branch office is an office approved as a branch by a supervisory agency. For credit unions, a branch office is any office where member accounts are established or loans are made, whether or not the office has been approved as a branch by a federal or state agency.
A branch office does not include offices of affiliates or loan brokers, offices of the institution where loan applications are merely taken, or ATMs and other electronic terminals. For mortgage companies and other nondepository institutions, a branch office is an office where the institution takes applications from the public for home purchase or home improvement loans or refinancings.
Those institutions also are considered to have a branch office in any MSA where, in the preceding year, they received applications for, originated, or purchased five or more home purchase or home improvement loans or refinancings whether or not they had a physical office there. Census assigned census tract numbers to all areas of the U. Census tract numbers are unique within a county. Institutions are required to use census tract numbers from the Census series beginning with calendar year data through calendar year HMDA data.
Co-applicant Ethnicity Ethnicity of the co-applicant. Institutions may, but are not required to, report co-applicant ethnicity for purchased loans. When the co-applicant is not a natural person a business, corporation or partnership, for example or when the co-applicant information is unavailable because the loan has been purchased by your institution, the numerical code for "not applicable" is reported.
If there is no co-applicant, the numerical code for "no co-applicant" is reported. Co-applicant Race Race of the co-applicant. Institutions may, but are not required to, report co-applicant race for purchased loans. Co-applicant Sex Sex of the co-applicant. Institutions may, but are not required to, report co-applicant sex for purchased loans. Depository Institution A financial institution that makes loans and obtains its funds mainly through accepting deposits from the public; includes commercial banks, savings and loan associations, savings banks, and credit unions.
Dwelling Dwelling means any residential structure, whether or not attached to real property. It includes vacation or second homes and rental properties; multifamily as well as one-to-four-family structures; individual condominium and cooperative units; and manufactured and mobile homes.
It excludes recreational vehicles such as boats and campers, and transitory residences such as hotels, hospitals, and college dormitories. In and , coverage was expanded to include nondepository institutions in the collection and reporting of HMDA. Independent mortgage companies nondepository institutions that are regulated by the Department of Housing and Urban Development HUD were required to collect and report HMDA if they met the reporting criteria.
Even though data are collected from the independent mortgage companies, HUD is not a member agency of the Council. Geocode Geocode refers to the combination of applicable codes for the metropolitan area, state, county and census tract.
These codes indicate the location of the property to which a loan relates. Gross Annual Income The income reported is the total gross annual income an institution relied upon in making the credit decision.
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