What is Regulation C HMDA?

Regulation C is a regulation that implements the Home Mortgage Disclosure Act of 1975. Regulation C mandates that depository institutions must annually disclose loan data about the communities to which they provided residential mortgages.

The Home Mortgage Disclosure Act (HMDA) is a federal act approved in 1975 that requires mortgage lenders to keep records of certain 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.

Secondly, who is required to report according to the HMDA? US financial institutions must report HMDA data to their regulator if they meet certain criteria, such as having assets above a specific threshold. The criteria is different for depository and non-depository institutions and are available on the FFIEC website.

Also Know, what is HMDA data used for?

About HMDA These data help show whether lenders are serving the housing needs of their communities; they give public officials information that helps them make decisions and policies; and they shed light on lending patterns that could be discriminatory.

What is Regulation n?

Regulation N is a regulation established by the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) in order to implement requirements established by the Credit Card Accountability and Responsibility and Disclosure Act of 2009 (CARD Act) and the Dodd-Frank Wall Street Reform and Consumer

What is a Lar?

Definition of Lar. : a tutelary god or spirit associated with Vesta and the Penates as a guardian of the household by the ancient Romans.

What is covered by HMDA?

Most home-secured loans are included in HMDA data. For example, a home equity loan taken out for consolidation of credit-card debt or to pay for medical expenses is not covered by HMDA, unless some part of the loan proceeds are also intended for home improvement or home purchase purposes.

How often do lenders report HMDA?

Financial institutions must record data on their HMDA-LAR within 30 calendar days of the end of the calendar quarter in which final action was taken.

What is HMDA LAR reporting?

FR HMDA-LAR The Home Mortgage Disclosure Act/Loan Application Register. Description: This report takes the form of a register of mortgage and home improvement loan applications and their disposition during a calendar year. Home Mortgage. Bank Holding Companies, Commercial Banks.

What does the Truth in Lending Act do?

The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.

What type of loans must be reported on HMDA LAR?

Home Purchase Loans HMDA requires that any loan secured by real estate made for the purpose of purchasing a home is reportable on an annual basis to the Federal Financial Institutions Examination Council (FFIEC), which is the federal reporting agency of the Federal Reserve Board.

What is Reg C banking?

Regulation C is a regulation that implements the Home Mortgage Disclosure Act of 1975. Regulation C mandates that depository institutions must annually disclose loan data about the communities to which they provided residential mortgages.

How do I submit HMDA data?

Credit unions must submit their HMDA data using a web interface referred to as the HMDA Platform. No other submission methods are permitted. Credit unions will use the HMDA Platform to upload their LAR data, review and make edits, certify the accuracy and completeness of the data, and submit data for the filing year.

How many HMDA data fields are there?

110 data fields

What does Hoepa stand for?

Home Ownership and Equity Protection Act

What is the Loan Application Register?

Loan/Application Register (LAR) Formatting Tool. The LAR Formatting Tool is intended to help financial institutions, typically those with small volumes of covered loans and applications, to create an electronic file that can be submitted to the HMDA Platform.

Does Hoepa apply to HELOCs?

The 2013 HOEPA Rule extends HOEPA coverage to HELOCs. HELOCs will thus need to be analyzed under HOEPA’s coverage tests, and any HELOCs that are high-cost mortgages will be subject to most of the same requirements and restrictions as closed-end, high-cost mortgages.

What is a covered loan?

Covered Loan Law and Legal Definition. Covered loan means a consumer loan in which the original principal balance of the loan does not exceed the most current conforming loan limit for a single-family first mortgage loan established by the Federal National Mortgage Association in the case of a mortgage or deed of trust

Who is exempt from HMDA reporting?

If you originated fewer than 500 closed-end mortgage loans, but more than 500 open-ended lines of credit, you are only exempted from reporting the data for those mortgage loans.