The most common HMDA questions that we receive are about how to properly report multipurpose and multifamily properties. And it’s understandable… The 2018 modifications to HMDA were massive and many financial institutions are still dealing with the challenges of collecting data under the burdensome new requirements. Here’s a breakdown of how to properly report multifamily and multipurpose properties for HMDA Let’s start with ‘multifamily”. The construction method and total units, together, replaced property type reporting […]
Category: HMDA
Top 5 HMDA Issues in 2022 HMDA Data Filing
HMDA Enforcement Actions in 2023… The 2018 modifications to HMDA were massive and many financial institutions are still dealing with the challenges of collecting data under the burdensome requirements. These changes continue to prove to be cumbersome and taxing. Program failures continue to plague financial institutions and in 2023, there were three very large enforcement actions for failing to file accurate data. Additionally, due to a lawsuit the CFPB had to rescind the 100 loan […]
2024 HMDA Filing Instructions Guide Released
Yesterday, the CFPB released the 2024 HMDA Filing Instructions Guide (FIG). In case you haven’t used a FIG before, it is a technical resource designed to help HMDA covered financial institutions file annual HMDA data. The 2024 HMDA FIG is for filing data collected in 2024 and reported in 2025. The 2024 HMDA FIG, as well as other resources for HMDA filers can be found here. ______ If you’d like to take a closer look at […]
2023 HMDA GUIDE
The federal bank regulatory agencies are announcing the Federal Financial Institutions Examination Council’s (FFIEC) revised “A Guide to HMDA Reporting: Getting It Right!” (2023 guide). The 2023 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C, its implementing regulation (12 CFR 1003). The 2023 guide reflects a technical amendment to the 2020 HMDA rule to adjust the loan volume thresholds effective January 1, 2023,2 for reporting HMDA data on […]
LET THE ANALYSIS BEGIN
Modified Home Mortgage Disclosure Act (HMDA) data for 2022 submissions from 4,394 filers are now available on the Federal Financial Institutions Examination Council (FFIEC) website. A downloadable modified (to protect consumer privacy) LAR file is available for every financial institution that has completed a HMDA data submission for 2022. The data is typically used to: Verify the data you submitted a few weeks ago is properly presented. Compare your institution’s data to the data from […]