Reg alert details HMDA reporting requirements

Feb. 24, 2016 -- Credit unions with assets of more than $44 million as of year-end 2014 and that engage in certain types of residential mortgage lending must file a report this year regarding mortgage applications received during 2015, required under the Home Mortgage Disclosure Act (HMDA – the CFPB’s Reg C), NCUA notes in a recent “regulatory alert.”

The alert (16-RA-03) also notes that credit unions subject to HMDA requirements in calendar year 2015 must submit Loan Application Register data to the Federal Reserve by March 1 of this year.

A credit union is also advised in the alert to look to the agency’s Reg Alert 15-RA-02 to determine if it must submit HMDA data for mortgage lending activity last year.

LINKS:
NASCUS Summary, NCUA Reg Alert 16-RA-03 (members only)
NCUA Reg Alert 16-RA-03 (plus enclosures)
Home Mortgage Disclosure Act (HMDA) Data Collection Requirements for Calendar Year 2015 (Reg Alert 15-RA-02).