What information is needed for HMDA?



What information is reported? HMDA requires that for each application or loan, institutions report information about the loan application, the property, and the applicant. For most applicants, this includes reporting the applicant’s race, ethnicity, sex and income.

What information is reported to HMDA?

HMDA requires lenders to report the ethnicity, race, gender, and gross income of mortgage applicants and borrowers. Lenders must also report information regarding the pricing of the loan and whether the loan is subject to the Home Ownership and Equity Protection Act, 15 U.S.C. 1639.

Which of the following questions are asked as part of HMDA?

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.

What are the three most common errors in HMDA reporting?





Common HMDA Errors to Check Before Filing

  • Reporting Cash-out Refinancing rather than Refinancing for the Loan Purpose. …
  • Reporting Withdrawn rather than Approved Not Accepted. …
  • Reporting the wrong score (or not reporting one at all for loans approved but not accepted)

What is not reported under HMDA?

If the loan or line of credit is neither a closed-end mortgage loan nor an open-end line of credit, the transaction does not involve a covered loan, and the financial institution is not required to report information related to the transaction.

What are the 3 purposes of HMDA?

The data- related requirements in HMDA and Regulation C serve three primary purposes: (1) to help determine whether financial institutions are serving their communities’ housing needs; (2) to assist public officials in distributing public investment to attract private investment; and (3) to assist in identifying

How many fields are HMDA reportable?

110 HMDA data





Table 1 lists all 110 HMDA data fields and their corresponding HMDA data points. The 37 Designated HMDA Key Data Fields applicable to financial institutions not eligible for an EGRRCPA partial exemption from HMDA’s data collection, recording, and reporting requirements are shown in italicized bold text.

How do I know if my project is HMDA approved?

People wanting to purchase plots in any venture within the purview of HMDA can just check the authorization status of the layouts on the HMDA website. Those who cannot do it themselves, can mail the details to HMDA at [email protected] and also Whatsapp No. 7331185149.

What is considered a dwelling for HMDA?

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.

What is the threshold for HMDA reporting?

Asset threshold: Effective January 1, 2022, the CFPB raised the asset threshold to $50 million. Thus, credit unions which had assets below $50 million as of December 21, 2021 will not be required to collect, record or report HMDA data.

Which kind of loans are covered by HMDA?

Thus, a financial institution must collect, record, and report data for dwelling-secured, business-purpose loans and lines of credit that are home improvement loans, home purchase loans, or refinancings if no other exclusion applies.



Are assumptions HMDA reportable?

An institution reports as a home-purchase loan an assumption (or an application for an assumption) in the amount of the outstanding principal. If a transaction does not involve a written agreement between a new borrower and the institution, it is not an assumption for HMDA purposes and is not reported.

What is HMDA and why is it important?

The Home Mortgage Disclosure Act (HMDA) is a federal law that requires lenders to share their mortgage data so it’s possible to better determine and dismantle credit discrimination practices.

What data is not part of the data collected for HMDA monitoring?

What data is NOT part of the data collected for HMDA monitoring? Family size is not part of the information needed for HMDA monitoring. RESPA does not apply to loans used to finance the purchase of 25 acres or more, vacant land, or transactions where the buyer assumes, or takes subject to, an existing first-lien loan.

Is HMDA data public information?

The HMDA data and reports are the most comprehensive publicly available information on mortgage market activity.

How many fields are HMDA reportable?

110 HMDA data



Table 1 lists all 110 HMDA data fields and their corresponding HMDA data points. The 37 Designated HMDA Key Data Fields applicable to financial institutions not eligible for an EGRRCPA partial exemption from HMDA’s data collection, recording, and reporting requirements are shown in italicized bold text.

What types of transactions would you be required to record the lien status?

Under the HMDA regulation that will take effect in 2018, an institution is still required to report the lien status. This data point must be reported for loans that were originated, purchased loans, and those that did not result in origination. This includes preapprovals, denials and withdrawals.

Which transaction does HMDA data collection apply to?

Identifying HMDA Reportable Transactions



Generally speaking, unless a transaction is expressly excluded under 12 C.F.R. §1003.3(c), an institution subject to HMDA must report all consumer closed‑end mortgage loans and open-end lines of credit secured by a dwelling.