What is HMDA 1003?

Most recently amended Jan. 1, 2022. Regulation C requires many financial institutions to collect, report, and disclose certain information about their mortgage lending activity.

What 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.

What is Reg B in mortgages?

Regulation B prohibits creditors from requesting and collecting specific personal information about an applicant that has no bearing on the applicant’s ability or willingness to repay the credit requested and could be used to discriminate against the applicant.

What does HMDA stand for?

The Home Mortgage Disclosure Act
Background and Purpose of HMDA. Background & Purpose. The Home Mortgage Disclosure Act (HMDA) was enacted by Congress in 1975 and was implemented by the Federal Reserve Board’s Regulation C. On July 21, 2011, the rule-writing authority of Regulation C was transferred to the Consumer Financial Protection Bureau (CFPB).

What loans are not HMDA reportable?

Business purpose loans are only reported if the purpose is to purchase, refinance or improve a dwelling. This loan would not be HMDA reportable.

What is regulation n?

Regulation N is a rule established by the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) that enforces compliance with the Credit Card Accountability and Responsibility and Disclosure Act of 2009 (CARD Act) and the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act …

What is banking regulation B?

What is Regulation Z CFPB?

Regulation Z protects people when they use consumer credit.

What is ECOA and regulation B?

The ECOA and Regulation B allow creditors to establish special-purpose credit programs for appli cants who meet certain eligibility requirements. Generally, these programs target an economically disadvantaged class of individuals and are autho rized by federal or state law.