Lexis Nexis Home Mortgage Disclosure Act Manual
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Product description
The regulatory issuances include the actual regulation, commentary on the regulation, a lengthy preamble explaining changes made to the regulation, and subsequent agency guidance contained in summaries, charts, tables, and examination procedures.
2018 Home Mortgage Disclosure Act Manual gathers all this material into one cohesive package so a reader does not have to approach the subject from the disjointed perspective of many sources. The book includes a redlined version of Regulation C (see Appendix A of this book), which highlights each change.
Many charts, tables, and lists illustrate the text to draw attention to changes, summarize differences, and bring into this package material from other sources cross-referenced by Regulation C (such as relevant Regulation Z provisions). The exhibits include an implementation checklist (Exhibit 11) and examination procedures (Exhibit 9) adapted from the existing agency HMDA examination procedures.
The material in this book also appears in Chapter 1.2 of Mortgage Lending Compliance with Federal and State Guidance (LexisNexis Sheshunoff)
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Featured Authors
James H. Pannabecker
James H. Pannabecker writes from Natural Bridge Station, Virginia and focuses on banking law and regulatory compliance. Mr. Pannabecker formerly was a senior vice president and general counsel of Citicorp Mortgage, Inc., where he managed the provision of legal services for the nationwide origination of mortgage loans through Citicorp's affiliated first mortgage lenders. Before joining Citicorp, Mr. Pannabecker served as in-house counsel to Maryland National Bank; First Virginia Banks, Inc.; and First American Mortgage Group. He also is a former Professor of Practice at the Washington & Lee University School of Law.
Mr. Pannabecker is the author or coauthor of numerous publications in the areas of truth in lending, real estate settlement procedures, equal credit opportunity, community reinvestment, home mortgage disclosure, and banking law. His publications include Truth-in-Lending Manual: Text and Forms; The RESPA Manual: A Complete Guide to the Real Estate Settlement Procedures Act; Mortgage Lending Compliance with Federal and State Guidance; Mortgage Lenders Model Compliance Manual: Policies, Forms, and Checklists; Banking Law Digest; The Law of Electronic Fund Transfer Systems; and Pratt's Consumer Credit and Truth-in-Lending Compliance Report.
Table of contents
Table of Contents
Chapter 1 Executive Summary
§ 1.01 EXECUTIVE SUMMARY
Chapter 2 HMDA’s Pivotal Role in Fair Lending Compliance
§ 2.01 IN GENERAL
§ 2.02 HMDA ENACTMENT, REGULATIONS, AND AMENDMENTS
§ 2.03 CONTROVERSY OVER THE MEANING OF HMDA DATA
§ 2.04 LATE FILING, HMDA INACCURACIES, AND ENFORCEMENT ACTIONS
Chapter 3 Institutional Coverage
§ 3.01 INSTITUTIONAL COVERAGE BEFORE JANUARY 1, 2017
§ 3.02 INSTITUTIONAL COVERAGE FROM JANUARY 1 THROUGH DECEMBER 31, 2017—DEPOSITORY
INSTITUTIONS
§ 3.03 INSTITUTIONAL COVERAGE BEGINNING JANUARY 1, 2018
§ 3.04 EXEMPTIONS FROM REGULATION C INSTITUTIONAL COVERAGE
§ 3.05 CHANGES IN INSTITUTIONAL COVERAGE
Chapter 4 Key Definitions
§ 4.01 COVERED LOAN
§ 4.02 HOME PURCHASE LOAN
§ 4.03 HOME IMPROVEMENT LOAN
§ 4.04 REFINANCING
§ 4.05 APPLICATION
Chapter 5 Loan/Application Registers—In General
§ 5.01 GENERAL
§ 5.02 APPLICATIONS
§ 5.03 ORIGINATIONS
§ 5.04 PURCHASES
§ 5.05 QUARTERLY MAINTENANCE
§ 5.06 L/AR FORMAT
Chapter 6 Who Must Report a Covered Loan or Loan Application?
§ 6.01 PRE-CLOSING REVIEWS
§ 6.02 PARTICIPATIONS
§ 6.03 ASSUMPTIONS
§ 6.04 AGENTS
§ 6.05 THE BROKER RULE (FOR HISTORICAL PURPOSES)
Chapter 7 Contents of The Loan/Application Registers
§ 7.01 IN GENERAL
§ 7.02 LOAN NUMBER OR UNIVERSAL LOAN IDENTIFIER
§ 7.03 APPLICATION DATE
§ 7.04 LOAN TYPE
§ 7.05 LOAN PURPOSE
§ 7.06 PREAPPROVAL STATUS
§ 7.07 PROPERTY TYPE OR CONSTRUCTION METHOD
§ 7.08 OCCUPANCY TYPE OR PROPERTY USE
§ 7.09 LOAN AMOUNT
§ 7.10 ACTION TAKEN
§ 7.11 ACTION TAKEN DATE
§ 7.12 PROPERTY ADDRESS AND PROPERTY LOCATION
§ 7.13 ETHNICITY
§ 7.14 RACE
§ 7.15 SEX
§ 7.16 INCOME
§ 7.17 TYPE OF PURCHASER
§ 7.18 RATE SPREAD
§ 7.19 HOEPA STATUS
§ 7.20 LIEN STATUS
§ 7.21 AGE
§ 7.22 CREDIT SCORE
§ 7.23 REASONS FOR DENIAL
§ 7.24 TOTAL LOAN COSTS OR TOTAL POINTS AND FEES
§ 7.25 BORROWER-PAID ORIGINATION CHARGES
§ 7.26 DISCOUNT POINTS
§ 7.27 LENDER CREDITS
§ 7.28 INTEREST RATE
§ 7.29 PREPAYMENT PENALTY TERM
§ 7.30 DEBT-TO-INCOME RATIO
§ 7.31 COMBINED LOAN-TO-VALUE RATIO
§ 7.32 LOAN TERM
§ 7.33 INTRODUCTORY RATE PERIOD
§ 7.34 NON-AMORTIZING FEATURES
§ 7.35 PROPERTY VALUE
§ 7.36 MANUFACTURED HOME SECURED PROPERTY TYPE
§ 7.37 MANUFACTURED HOME LAND PROPERTY INTEREST
§ 7.38 TOTAL UNITS
§ 7.39 MULTIFAMILY AFFORDABLE UNITS
§ 7.40 APPLICATION CHANNEL
§ 7.41 MORTGAGE LOAN ORIGINATOR NMLSR ID
§ 7.42 AUTOMATED UNDERWRITING SYSTEM
§ 7.43 REVERSE MORTGAGE
§ 7.44 OPEN-END LINE OF CREDIT
§ 7.45 BUSINESS OR COMMERCIAL PURPOSE
Chapter 8 L/AR Administration
§ 8.01 CERTIFICATION
§ 8.02 FHA LENDERS
§ 8.03 REGULATORS
§ 8.04 SUBMISSION OF L/ARS
Chapter 9 Public Availability
§ 9.01 BEFORE JANUARY 1, 2018—PUBLIC AVAILABILITY
§ 9.02 BEGINNING JANUARY 1, 2018—PUBLIC AVAILABILITY AND NOTICES OF AVAILABILITY
§ 9.03 RECORD RETENTION PERIOD
§ 9.04 FFIEC COMPILATION OF AGGREGATE DATA
Chapter 10 Penalties and Enforcement
§ 10.01 PENALTIES
§ 10.02 INFORMATION FROM THIRD PARTIES
§ 10.03 PROCEDURES TO ENSURE COMPLIANCE
Chapter 11 More Information
§ 11.01 MORE INFORMATION
Chapter 12 Exhibits
EXHIBIT 1: COVERAGE TEST AND FLOW CHART FOR HMDA APPLICABILITY
EXHIBIT 2: COVERAGE TEST AND FLOW CHART FOR HMDA APPLICABILITY
EXHIBIT 3: COVERAGE TEST AND FLOW CHART FOR HMDA APPLICABILITY
EXHIBIT 4: CFPB’S LISTING OF 48 DATA POINTS
EXHIBIT 5: SAMPLE DATA-COLLECTION FORM, INFORMATION FOR GOVERNMENT MONITORING PURPOSES
EXHIBIT 6: CHECKLIST FOR PERSON COMPLETING L/AR
EXHIBIT 7: CHECKLIST FOR CERTIFYING OFFICER
EXHIBIT 8: HMDA COMPLIANCE CHECKLIST
EXHIBIT 9: HMDA COMPLIANCE CHECKLIST
EXHIBIT 10: HMDA EXAMINATION PROCEDURES
EXHIBIT 11: 2015 REGULATION C AMENDMENTS
