What is hmda

Institutional coverage chart effective July 1, Transactional coverage chart effective July 1, Unofficial redline of the Final Rule amendments to Regulation C. 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. Download the latest version , version 5. 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.

Consumer Financial Protection Bureau. Accessed Aug. United States Code. Federal Reserve Bank of St Louis. Federal Financial Institutions Examination Council. Purchasing A Home. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. See the definitions of "home purchase loan" and "home improvement loan. RIDs often require leading zeros to meet the length requirement. For example, if the source number is , the ten-digit RID number is Beginning with the reporting of HMDA data, the RID number used by each agency for the depository and nondepository institutions as well as their agency code are shown in the table below.

In situations where an acquisition or merger has occurred, please Contact Us for assistance on determining the RID number and agency code. The mortgage subsidiaries nondepository institutions of those State-Chartered thrifts that transferred to FDIC will use their Federal Tax ID number with the leading zero excluded and the hyphen included. Both institution types will use agency code three 3 for FDIC-regulated. Both institution types will use agency code one 1 for OCC-regulated. Some examples are incorrect activity year used in your submission; or initial LAR data T2 record already on file, which indicates that a LAR with a duplicate loan application number was submitted.

The letter 'S' precedes the error numbers. TS — Transmittal Sheet The transmittal sheet is submitted with a reporter's data. Also, input the name, address, city, state and zip code of any parent company. Nondepository institutions of all agencies, except HUD possibly , must provide parent information. However, if any HUD reporters have a parent, they too must provide the parent company information. Type of Purchaser If you sell a loan in the same calendar year in which it was originated or purchased, you must identify the type of purchaser to whom it was sold.

If the loan is sold to more than one purchaser, use the code for the entity purchasing the greatest interest. If you sell only a portion of the loan, retaining a majority interest, do not report the sale. If you do not sell the loan during the same calendar year, or if the application did not result in a loan origination, enter the code "0" zero. If you sell the loan in a succeeding year, you need not report the sale in the succeeding year and you do not go back to previous years to show it as sold.

Validity Edits The specified data are reported incorrectly and must be corrected. The most common example is incorrect census tracts. The letter 'V' precedes the error numbers. HMDA Glossary.

Back to Top B Branch Office For banks and thrifts, a branch office is an office approved as a branch by a supervisory agency. Back to Top D 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. Back to Top G Geocode Geocode refers to the combination of applicable codes for the metropolitan area, state, county and census tract.

Back to Top N Nondepository Institution For-profit mortgage lending institutions other than banks, savings associations, and credit unions.

The public data are modified to protect applicant and borrower privacy. Learn about complying with HMDA. Each year, millions of people apply for mortgages. Using HMDA data, we can learn what happened to the vast majority of those applications and compare that to previous years.