The January 2015 issue of the FFIEC’s CRA/HMDA Reporter has several good reminders about HMDA issues. The lead article, HOEPA Changes and New Edit Changes, focuses on changes to Regulation Z (HOEPA) rules that were effective in January 2014 and impacted the 2014 HMDA data just submitted by your bank. The changes lowered the rate spread threshold of HOEPA eligible loans, and expanded coverage to certain home purchase mortgage products. The Reporter is available by clicking here. Additional information is contained in our article titled HMDA – HOEPA Status in the December 2013 archive.
The Reporter also contains an article on common submission errors, specifically Invalid File Format and Invalid Timestamp.
All HMDA reporting institutions should review the CRA/HMDA Reporter when it becomes available.