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Flashcards in HMDA Deck (24):

Any bank, savings association, or credit union that had neither a home nor a branch office in ______________ is exempt from HMDA reporting.

a metropolitan area


A bank, savings association, or credit union with total assets of __________ or less as of _____________ are exempt from collecting data for 2015.

* $44 Million

* Dec 31, 2014


When are state chartered financial institutions exempt from HMDA reporting?

if it is subject to disclosure requirements under state law that are substantially similar to those under the Regulation and adequate for enforcement as determined by the CFPB


What loans are covered by HMDA?

* home purchase (loans secured by or made for the purpose of purchasing a dwelling)

* home improvement loans (loans secured by a lien on a dwelling for the purpose of improvement

* Home equity lines of credit (at the institutions options)

* refinancing's (dwelling secured regardless of purpose)

* applications for preapprovals of purchase loans


T or F

The definition of dwelling for HMDA means a residential structure whether or not it is attached to real property.



HMDA requires the institution to collect data regarding __________ for originations and purchases of home purchase loans, home improvement loans, and refinancing for each _______.

* applications

* calendar year


Applications for preapprovals for home purchase loans that are ________ or ______________ of a home purchase must be reported for HMDA.

* denied

* results in the origination


For telephone or mail requests, lenders must verbally state the HMDA collection request. If the applicant does not complete the information, the lender may:

state that the information was not provided on an application received by mail or phone


T or F

Loans on unimproved real estate are HMDA reportable.



HMDA data must be updated within __________of the end of each calendar quarter in which final action occurred.

30 calendar days


HMDA data must be sent to _____________ by ________________ of the year ______________.

* the regulatory agency that governs the financial institution

* March 1

* following the calendar year for which the loan data was compiled


Institutions must make its mortgage loan disclosure statement available at its home office for inspection by the public within __________ after it receives it from the FFIEC.

3 business days


The mortgage loan disclosure statement must be available within _____________ after receipt in at least one branch office within each ____________ in which the institution has such branch offices or post the address in the lobby for requesting the statement in ___________.

*10 business days

* metropolitan area

* each branch office


Upon written request, an institution must mail or deliver a copy of the disclosure statement within ___________.

15 calendar days


Institutions must post a notice about the availability of their HMDA information in the lobbies of their home offices and:

any physical branch office located in metropolitan areas


HMDA disclosure statements must be kept for _________ from the time they are received from FFIEC.

5 years


HMDA Loan Application Registers and modified LARs must be kept for ______.

3 years


What are the criteria for banks to be HMDA eligible?

Banks must have assets of greater than $44 million in the preceding calendar year, have an office or a branch in a metropolitan area (MA), and make at least one home purchase loan secured by a lien on the dwelling.


What are the criteria for mortgage companies to be HMDA eligible?

Mortgage companies must have assets of $10 million or less in the preceding calendar year, have an office in a metropolitan area, and have at least 10 percent of their loan volume in home purchase loans or have originated HMDA-covered loans of at least $25 million.


How must most banks submit loan application registers to their federal supervisory agencies?

Banks with more than 25 LAR entries are required to submit electronically. Otherwise, two hard copies must be sent with the transmittal letter.


Under HMDA, what is the threshold for reporting the interest rate spread for first lien mortgage loans?

Equal to or greater than 1.5 percentage points


T or F

Lenders do not have to report the interest rate on HMDA-reportable loans.


The rate spread is required to be reported, but not the interest rate itself.


How must the sex of the applicant be noted on the LAR?

codes must be used to indicate the sex of the applicant, not the letters M or F


T or F

The definition of ''dwelling'' includes timeshares.