Links in “Home Mortgage Disclosure Act (HMDA)”

The asset qualification threshold for HMDA reporting will increase from $43 million to $44 million for 2015. The threshold is adjusted each year based on the annual percentage increase in the average Consumer Price Index for urban wage earners and clerical workers. [12/30/14]

The CFPB has amended both the TILA and HMDA asset size threshold exemptions, increasing TILA from $2.060 billion to $2.028 billion, and increasing HMDA from $43 million to $44 million. [12/29/14]

The CFPB published its half-year 2015 regulatory agenda in the Federal Register. The more significant regulatory efforts listed include implementing the Dodd-Frank Act's mortgage protections including anticipated revisions and streamlining of key mortgage regulations including HMDA, RESPA, and TILA. The agenda further anticipates revisions to Regulation CC, the Expedited Funds Availability Act, and business lending rules under ECOA. [12/22/14]

CUNA "urges the CFPB to use a surgeon's precision in meeting Dodd-Frank Act requirements to change HMDA—and go no further than the act mandates," because they fear that the new HMDA rules are simply added weight onto the already burdened shoulders of credit union compliance staff. [10/30/14]

Recently, the FFIEC released last year’s HMDA data. Because HMDA is often a favorite when it comes to regulatory scrutiny, institutions need to perform some self-analysis. In this episode, Ken Agle, AdvisX President, shares with us a few important questions every institution should ask about its HMDA compliance upon the release of new data. [10/3/14]

The Bureau released a white paper finding that manufactured home owners typically pay higher interest rates for their loans than site-built borrowers. Look for more data collection via HMDA and more efforts to protect mobile homeowners. [10/2/14]

It’s possible. Navy Fed has been offering a 100% LTV mortgage product for which they charge a rate of 5% due to the higher risk and the fact that they waive private mortgage insurance. However, the 5% rate has caused these loans to meet the definition of a higher rate mortgage with the end result being that Navy Fed was the largest higher rate mortgage lender in the country in 2013. [10/1/14]

The proposed HMDA rule that calls for a significant increase in the amount and type of mortgage data that covered lenders will be required to report and the proposed expansion to the CFPB’s consumer complaint website mean that both the public and your regulatory agency will have much more information about your financial institution. Is that a good thing? [9/25/14]

Since the collapse of the subprime market and the rise of more stringent lending requirements, more minorities are finding themselves shut out of the housing market. Upshot? Expect more fair lending scrutiny. [9/24/14]

That’s right, 2013’s HMDA information has been made available by the FFIEC. Although the number of HMDA reporting institutions has declined, home purchase lending has increased. [9/23/14]