What Is Excluded From HMDA Reporting?

Is a prequalification HMDA reportable?

Prequalifications are not reportable to HMDA..

Is a mobile home park HMDA reportable?

Manufactured home communities. However, a loan secured by a manufactured home community (meaning, for instance, a mobile home park where the collateral is just the lots) is considered secured by a dwelling, and is therefore HMDA-reportable, even though there are no physical dwellings taken as collateral.

Is multifamily HMDA reportable?

For HMDA reporting, a multifamily dwelling is a residential structure that houses five or more families. Even though condominium buildings can house five or more families, if each unit is individually owned, then the dwellings should be reported as one-to-four family dwellings, not multifamily property.

What type of data does HMDA collect?

The HMDA asks lenders to identify the sex, race, and income of those applying for or obtaining mortgages. This data allows the FFIEC to monitor trends in housing and mortgage borrowing and lending, such as, for example, a reported increase in mortgage borrowing by blacks and Hispanics as of 1993.

Is HMDA Purpose Driven?

Current HMDA reporting is driven by purpose as well as collateral. Reportable transactions (those for a home purchase, home improvement, or refinance) must be secured by a dwelling unless the transaction is a non-dwelling secured home improvement loan that is classified as a home improvement loan.

Who assigns the Universal loan identifier?

1. 2. The Universal Loan Identifier (ULI) being the reference assigned by the reporting institution to an individual loan originated or purchased on which they report HMDA data.

What is not HMDA reportable?

If the loan was to purchase a commercial dwelling, it must be secured by a dwelling to be HMDA reportable. If the purchase money loan was secured by a commercial office building (not a dwelling) or a CD, it is not reportable even though the purpose was to purchase an apartment building or a rental property.

What transactions 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.

Are Purchased loans HMDA reportable?

HMDA requires financial institutions to report data on not just applications received and loans originated, but also loans purchased.

Are withdrawn loans HMDA reportable?

Action taken – application withdrawn. A preapproval request that is withdrawn is not reportable under HMDA.

What is considered HMDA reportable?

Under HMDA and Regulation C, a transaction is reportable only if it is an Application for, an origination of, or a purchase of a Covered Loan. … If the transaction involves a Covered Loan, it is reported only if the institution meets the applicable loan-volume thresholds.

What properties are considered dwellings under HMDA?

Dwelling means any residential structure, whether or not attached to real property. It includes vacation or second homes and rental properties; multifamily as well as one-to-four-family structures; individual condominium and cooperative units; and manufactured and mobile homes.