[Federal Register Volume 70, Number 157 (Tuesday, August 16, 2005)]
[Notices]
[Pages 48185-48186]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-4457]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5001-N-01]
Transfer of Home Mortgage Disclosure Act (HMDA) Data Collection
to Federal Reserve Board
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing
Commissioner, HUD.
ACTION: Notice.
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SUMMARY: This notice advises mortgagees that are required by the Home
Mortgage Disclosure Act (HMDA) and Regulation C of the Federal Reserve
Board (Board) to submit HMDA data to HUD to submit their annual HMDA
reports, due on or before March 1st of each year, to the Board of
Governors of the Federal Reserve, and not to HUD.
DATES: Effective September 15, 2005.
FOR FURTHER INFORMATION CONTACT: Jerry Fasick, Office of Evaluation,
Department of Housing and Urban Development, 451 Seventh Street, SW.,
Washington, DC 20410-8000, telephone (202) 755-7500 (this is not a
toll-free number). Hearing- or speech-impaired individuals may access
this number through TTY by calling the toll-free Federal Information
Relay Service at (800) 877-8339.
SUPPLEMENTARY INFORMATION:
Who Must Report HMDA Data
All mortgagees, lenders, and loan correspondents that meet the
requirements of Regulation C of the Board (see 12 U.S.C. part 203) must
report each year data required by HMDA (12 U.S.C. 2801 et seq.).
Coverage criteria and requirements are specified in ``A Guide To HMDA
Reporting--Getting It Right!'' and on the Federal Financial
Institutions Examination Council (FFIEC) HMDA Web site at http://www.ffiec.gov/hmda. Those requirements apply to for-profit mortgage-
lending institutions (other than a bank, savings association, or credit
union) that, in the preceding calendar year, either:
(i)(A) Originated (made credit decision on) home purchase loans,
including refinancing of home purchase loans, that equaled at least 10
percent of its loan-origination volume, measured in dollars; or
(B) Originated (made credit decision on) home purchase loans,
including refinancings of home purchase loans, that equaled at least
$25 million; and
(ii) On the preceding December 31, had a home or branch office in a
Metropolitan Statistical Area/Metropolitan Division (MSA/MD); or
received applications for, originated or repurchased five or more home
purchase loans, home improvement loans, or refinancings on property
located in an MSA/MD; and
(iii)(A) On the preceding December 31, had total assets of more
than $10 million, counting the assets of any parent corporation; or
(B) In the preceding calendar year, originated (made credit
decision on) at least 100 home purchase loans, including refinancings
of home purchase loans.
HMDA requires at 12 U.S.C. 2803(h) that supervised lenders, whether
or not they are lenders approved by the Federal Housing Administration
(FHA), submit their HMDA data to their appropriate supervising
agencies, i.e., the Board of Governors of the Federal Reserve System,
the Federal Deposit Insurance Corporation, the Office of the
Comptroller of the Currency, the Office of Thrift Supervision, or the
National Credit Union Administration. Currently, all HMDA data are
submitted directly to the Board for initial processing. Non-supervised
lenders, regardless of whether or not they are FHA-approved, must
submit their HMDA data to HUD (through the Board) with one exception.
Regulation C, Disclosure and Reporting, at 12 CFR 203.5(a)(2), provides
that a subsidiary of a bank or savings association shall submit its
data directly
[[Page 48186]]
or through its parents to the agency that supervises the parent.
Therefore, non-supervised FHA-approved lenders and loan correspondents,
which are subsidiaries of supervised lending institutions, are not
required to submit their HMDA data to HUD.
FFIEC HMDA Data Entry Software
The FFIEC HMDA data entry software is available for download from
the FFIEC HMDA Web site. Note that the next scheduled release of the
software, Version 3.10, for calendar year 2005 data collection is
available by download from the FFIEC HMDA Web site. The software is
free and can be utilized for editing, reporting and submitting HMDA
information.
The FFIEC HMDA Web site provides detailed information on the
required file specifications for HMDA reporting (http://www.ffiec.gov/hmda/fileformats.htm). HUD would like to emphasize that it is extremely
important for an institution that uses a third-party vendor to prepare
and transmit its HMDA report to notify the third-party vendor
immediately of this change, i.e., that non-supervised FHA-approved
lenders and loan correspondents, which are subsidiaries of supervised
lending institutions, are not required to submit their HMDA data to
HUD. It is also important that an institution inform its vendor of the
Board's file specification and editing requirements.
HMDA Editing and Reporting
In addition, an institution's HMDA data must be edited prior to
submission using the FFIEC HMDA edits (http://www.ffiec.gov/hmda/edits.htm). Regulation C requires all HMDA data submissions to be free
of validity errors prior to submission. An institution must submit a
validity-free submission or the institution is at risk of
noncompliance.
If an institution utilizes a third-party vendor's software package,
the institution can still take advantage of the benefits of the HMDA
Data Entry Software by using the editing and reporting features. The
software includes editing and reporting features to help the
institution verify, complete, and analyze the institution's HMDA data.
The `Import' feature will accept a valid `hmda.dat' file created in a
third-party vendor's software that meets the HMDA file specifications.
Once the file has been successfully imported into the software, the
user can utilize the editing and reporting features. The `Export to
Regulatory Agency via Internet e-mail' feature creates a validity
error-free encrypted file that can be transmitted via Internet e-mail
directly to the Board at [email protected]. Users may download a free
copy of the software at http://www.ffiec.gov/hmda.
Please note that reel tape submissions are not an accepted media
type. Internet e-mail submission is the preferred electronic method to
transmit an institution's data. Other electronic submission media types
that can be used are diskette and CD-ROM. However, regardless of the
media type chosen, users must follow the HMDA file specifications and
edits.
HMDA Submission Checklist
Prepare the HMDA data submission.
Download a free copy of the FFIEC HMDA Data Entry Software
(http://www.ffiec.gov/hmda).
`Import' the correctly formatted 2004 `mda.dat' file for
editing purposes.
Perform a `Batch Edit' on the HMDA data and correct all
validity errors.
Choose the (1) `Export' option from the Front Page. Choose the
(2) `Export to regulatory agency via Internet e-mail' option for
encrypted submission to the Board.
Address the e-mail to [email protected], include all the
required institution information and attach the encrypted HMDA file
named HMDAENCR.ENC located at the following path:
C:[bs]HMDADES[bs]int[bs
]hmdaencr.enc.
Send your encrypted, validity-free, HMDA data submission to
the Board on or before March 1st of each year.
Submission Address
Send the encrypted e-mail file to [email protected] for HMDA
reporting on or before March 1st of each year. Sending the submission
via Internet e-mail is the most efficient process for submitting the
HMDA data. If an institution chooses to mail (overnight) its submission
in one of the other acceptable media types--diskette or CD-ROM--the
mailing address is as follows and the mailing must be postmarked by
March 1 of each year:
Federal Reserve Board, ATTN: HMDA Processing, HUD, 20th &
Constitution Avenue, NW., MS N502, Washington, DC 20551-0001.
HMDA Questions
Questions regarding the processing and reporting of HMDA data
should be addressed to [email protected] or the HMDA Assistance Line on
202-452-2016.
Information Collection Requirements
The information collection requirements contained in this notice
have been approved by the Office of Management and Budget (OMB) under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520) and assigned
OMB control number 2502-0529. In accordance with the Paperwork
Reduction Act, HUD may not conduct or sponsor, and a person is not
required to respond to, a collection of information unless the
collection displays a currently valid OMB number.
Dated: August 5, 2005.
Brian Montgomery,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. E5-4457 Filed 8-15-05; 8:45 am]
BILLING CODE 4210-27-P