Home Mortgage Disclosure Act Manual

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ISBN: 9781522104377
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In October 2015, the Consumer Financial Protection Bureau issued a huge expansion of Regulation C, the regulation that implements the Home Mortgage Disclosure Act. The revision changes the types of institutions subject to Regulation C, the types of transactions subject to Regulation C, and the processes for collecting, reporting, and disclosing data.

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)

Authors / Contributors

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