[Federal Register Volume 85, Number 107 (Wednesday, June 3, 2020)]
[Notices]
[Pages 34196-34208]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-11819]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2020-N-11]


Notice of Order: Revisions to Data Requirements for Enterprise 
Public Use Database To Include New Home Mortgage Disclosure Act Data 
Elements

AGENCY: Federal Housing Finance Agency.

ACTION: Notice of order.

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SUMMARY: An Order issued by the Federal Housing Finance Agency (FHFA) 
on May 27, 2020 revises data requirements for the Enterprise Public Use 
Database (PUDB) and modifies FHFA's previous Enterprise PUDB Orders 
issued in 2010 and 2011. The Enterprise PUDB contains data related to 
single-family and multifamily mortgages purchased by the Federal 
National Mortgage Association (Fannie Mae) and the Federal Home Loan 
Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) in a 
calendar year. FHFA publishes the PUDB annually pursuant to the 
requirements of the Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992 (Safety and Soundness Act). The Order revises the 
PUDB to include data elements that the Enterprises collected in 2018 
from their loan sellers that are the same as those required to be 
reported under the Home Mortgage Disclosure Act of 1975 (HMDA), and 
sets out the privacy protections for the HMDA data. The Order also adds 
geographic indicators related to the Enterprise Duty to Serve program 
to the Enterprise PUDB to provide greater transparency to the public 
about the Enterprises' Duty to Serve activities. All the data 
specifications set out in the Order apply to future annual PUDB 
releases, until further modified by FHFA. A new 2018 PUDB will be 
released by FHFA containing the data elements added by the Order, 
replacing an interim PUDB released on September 23, 2019 that does not 
include the new HMDA data elements or Duty to Serve geographic 
indicators. The revised matrices setting out the PUDB data requirements 
and privacy and proprietary protection modifications are available on 
FHFA's website at https://www.fhfa.gov/DataTools/Downloads/Pages/Public-Use-Databases.aspx. The expansion of the PUDB data requirements 
will enhance transparency about the Enterprises' mortgage purchase 
activities.

DATES: The Order is applicable May 27, 2020.

FOR FURTHER INFORMATION CONTACT: For questions on data or methodology, 
contact Ian Keith, Senior Program Analyst, (202) 649-3114, 
[email protected]; for legal questions, contact Maura Dundon, 
Assistant General Counsel, (202) 649-3961, [email protected], or 
Sharon Like, Managing Associate General Counsel, (202) 649-3057, 
[email protected] (these are not toll-free numbers); Federal Housing 
Finance Agency, 400 Seventh Street SW, Washington, DC 20219. The 
Telecommunications Device for the Deaf is (800) 877-8339.

SUPPLEMENTARY INFORMATION: 

I. Background

A. Statutory and Regulatory Requirements

    The Safety and Soundness Act, as amended by the Housing and 
Economic Recovery Act of 2008 (HERA), requires FHFA to make publicly 
available, by September 30 of each year, certain loan-level mortgage 
data elements related to single-family and multifamily mortgages 
purchased by the Enterprises in the previous calendar year.\1\ FHFA 
publishes the required Enterprise mortgage data annually in the 
Enterprise PUDB.\2\ The data elements in the PUDB, and their privacy or 
proprietary modifications, are set out in matrices and data 
dictionaries.\3\
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    \1\ 12 U.S.C. 4543, 4546(d). Section 1122 of HERA transferred 
authority over these public data requirements from the Department of 
Housing and Urban Development (HUD) to FHFA. Public Law 110-289, 122 
Stat. 2689 (July 30, 2008). A HUD regulation still in effect at FHFA 
sets out the general standards and procedures governing the 
Enterprise PUDB. 24 CFR Subpart F (Sec. Sec.  81.71-81.75). HERA 
section 1302 provides that all HUD regulations ``shall remain in 
effect . . . until modified, terminated, set aside, or superseded'' 
by FHFA. 12 U.S.C. 4511 note. Because FHFA has not yet adopted its 
own regulation governing the PUDB, FHFA administers the PUDB under 
the HUD regulation's general standards and procedures and FHFA 
Orders applying them to the data published in the PUDB.
    \2\ The Enterprise PUDBs are available on FHFA's website at 
https://www.fhfa.gov/DataTools/Downloads/Pages/Public-Use-Databases.aspx. HUD continues to host the pre-HERA PUDB datasets at 
https://www.huduser.gov/portal/datasets/gse.html.
    \3\ The matrices for the PUDB prior to this revision are 
published at 76 FR at 60037-60046. The updated matrices have been 
published on the FHFA website at the link indicated in the SUMMARY 
above. The data dictionaries will also be published on the FHFA 
website.
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    The PUDB must contain the mortgage data elements required to be 
reported to FHFA by the Enterprises, which include the same data 
elements required to be reported under HMDA.\4\ The HMDA data must be 
disclosed in the PUDB at the census tract level.\5\ The HMDA data may 
not be withheld from the PUDB to protect any Enterprise proprietary 
interests, but must be withheld or modified to protect borrower 
privacy, subject to the privacy considerations set forth in section 
304(j) of HMDA.\6\ The non-HMDA data in the PUDB may receive 
proprietary and privacy protections.\7\
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    \4\ The Safety and Soundness Act requires the PUDB to include 
data submitted by the Enterprises to FHFA in the mortgage reports 
required under the Federal National Mortgage Association Charter 
Act, 12 U.S.C. 1723a(m), and the Federal Home Loan Mortgage 
Corporation Act, 12 U.S.C. 1456(e) (Charter Acts). 12 U.S.C. 
4543(a)(1). These mortgage reports and the PUDB are required to 
include the same data elements required to be reported under HMDA, 
12 U.S.C. 2801 et seq., subject to the privacy considerations in 12 
U.S.C. 2803(j). 12 U.S.C. 4543(a)(2), 4546(d)(1).
    \5\ 12 U.S.C. 4543(a)(2). ``Census tract level'' means that the 
mortgage data is disclosed in individual loan records, which include 
the census tract location of the mortgaged property as a geographic 
identifier.
    \6\ 12 U.S.C. 4543(b)(2), 4546(d).
    \7\ 12 U.S.C. 4543(b)(1), 4546(a); 24 CFR 81.72(b)(3), (c)(1).
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    HMDA is a mortgage data disclosure statute enacted in 1975. HMDA 
requires that covered financial institutions annually submit to the 
appropriate Federal agency loan-level data related to the loans they 
originated or purchased in a calendar year.\8\ The CFPB

[[Page 34197]]

implements HMDA through Regulation C, which was amended in 2015 to add 
new data HMDA elements, effective January 1, 2018.\9\
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    \8\ The Enterprises are not subject to HMDA reporting 
requirements under Regulation C because they do not originate 
mortgage loans, which is prohibited by their Charter Acts, and 
Regulation C only applies to institutions that originate mortgage 
loans. See 12 U.S.C. 1719(a)(2), 1454(a)(5), and 12 CFR 1003.2(g). 
Instead, the Safety and Soundness Act requires FHFA to publish any 
HMDA data the Enterprises possess. See Notice of Order: Revisions to 
Enterprise Public Use Database, 75 FR 41180, 41184 (July 15, 2010) 
(FHFA 2010 Order). Regulation C also requires covered entities to 
report on activities that are not relevant to the PUDB, such as loan 
application denials. The PUDB only includes loan purchase records.
    \9\ CFPB, Final Rule, Home Mortgage Disclosure (Regulation C), 
80 FR 66128 (Oct. 28, 2015); 12 CFR part 1003. The CFPB amended 
Regulation C twice in 2019, but these amendments do not change the 
HMDA data elements, and therefore do not impact the Safety and 
Soundness Act requirement for the PDUB to include HMDA data. See 84 
FR 69994 (Dec, 20, 2019) and 84 FR 58003 (Oct. 29, 2019).
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    FHFA interprets the HMDA data publication requirement in the Safety 
and Soundness Act as an obligation to use the same data definitions as 
HMDA for the Enterprise data published in the PUDB, where possible. The 
Safety and Soundness Act does not require FHFA to republish in the PUDB 
the same data that is in the CFPB's public dataset issued under 
Regulation C. Rather, the Enterprises must report to FHFA the data 
elements they collect that generally conform with the HMDA definitions 
set out in Regulation C. For example, the Enterprises must report data 
about their purchased loans that would not be reported for purchased 
loans under Regulation C,\10\ as well as data elements that only 
partially conform to the Regulation C data definitions.\11\ This 
reflects FHFA's view that the HMDA data specifications in Regulation C 
should be used as a guide to the types of data included in the PUDB 
that will be useful for the public and policymakers to monitor 
Enterprise activities. The differences between the PUDB and the CFPB's 
dataset published under Regulation C reflect Congress's intent that the 
PUDB supplement HMDA.\12\
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    \10\ The Regulation C reporting requirements distinguish between 
loan purchases and loan originations, and exclude loan purchases 
from some data reporting requirements that apply to loan 
originations. FHFA has determined that because the Enterprises are 
not purchasers under Regulation C, they do not qualify for any of 
the exemptions for HMDA loan purchasers when reporting HMDA data to 
FHFA for the PUDB. See, e.g., FHFA 2010 Order, 75 FR at 41185 
(adding Rate Spread to the PUDB despite the fact that Regulation C 
did not require loan purchasers to report Rate Spread at that time). 
Instead, the PUDB records include data elements that would only be 
required for loan originations in the CFPB's dataset. In addition, 
the CFPB's public dataset only includes records for loans sold to 
the Enterprises in the same calendar year as origination, but the 
PUDB includes records for all loans purchased by the Enterprises in 
a calendar year, regardless of year of origination. The PUDB also 
may contain HMDA data for loans that were exempt or partially exempt 
from HMDA reporting requirements under Regulation C because the 
Enterprises have uniform seller data requirements that generally are 
not based on the loan originator's status as a HMDA reporter covered 
by Regulation C.
    \11\ For example, as discussed below in Section II.B.1, the PUDB 
includes Enterprise Application Channel data, although it does not 
completely align with the Application Channel data in the CFPB's 
public dataset.
    \12\ See 60 FR 61846, 61875 (Dec. 1, 1995) (HUD final rule) 
(citing Senate Committee on Banking, Housing, and Urban Affairs, S. 
Rep. No. 282, 102d Cong., 2d Sess. at 39 (1992)).
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    While the Enterprises are in conservatorship, FHFA has implemented 
the Safety and Soundness Act to require the Enterprises to provide to 
FHFA only the data they collect from their loan sellers as part of 
their established mortgage purchasing activities.\13\
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    \13\ See FHFA 2010 Order, 75 FR at 41181.
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    In 2010, FHFA added HMDA data elements to the PUDB to implement the 
Safety and Soundness Act requirement.\14\ In 2018, new definitions for 
HMDA data elements added by the CFPB to Regulation C took effect. As a 
result, new Enterprise data elements that generally conform to the HMDA 
definitions must be added to the PUDB starting with the PUDB released 
in 2019 that contains 2018 data (2018 PUDB). FHFA reviewed the data 
collected by the Enterprises from their loan sellers in 2018 and 
identified the HMDA data elements to be disclosed starting with the 
2018 PUDB. These data specifications will apply to future PUDB annual 
releases, until further modified by FHFA.
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    \14\ Id. at 41180.
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B. Structure of the PUDB

    The PUDB is a loan-level dataset containing data elements related 
to the single-family and multifamily loans acquired by the Enterprises 
in the previous calendar year. It includes seasoned loans originated in 
years prior to acquisition, and loans originated in the same year as 
acquisition.
    The data elements for each loan are split into multiple files 
called National Files and Census Tract Files. The multi-file system 
reduces the likelihood of sensitive data elements being linked to other 
data elements, which could compromise borrower privacy or Enterprise 
proprietary interests. The National Files in the PUDB have no 
geographic identifiers. This reduces the likelihood of re-
identification of borrowers through linking the PUDB data to other 
public sources containing personally identifying data that include the 
census tract (such as county property records). It also protects 
Enterprise proprietary interests by masking their regional business 
strategies.\15\ The Census Tract Files contain the census tract 
location of the mortgaged property, and generally contain data 
statutorily required to be disclosed with the census tract. The data 
elements in both the National Files and Census Tract Files are in some 
cases further modified by rounding or disclosing in ranges to protect 
private and proprietary information.
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    \15\ HUD Final Order--Proprietary Data Submitted by the Federal 
National Mortgage Association (Fannie Mae) and the Federal Home Loan 
Mortgage Corporation (Freddie Mac), 61 FR 54322, 54323 (Oct. 17, 
1996).
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    For Enterprise single-family data, the PUDB comprises a Census 
Tract File containing loan-level data that identifies the census tract 
location of the mortgaged properties; a National File A containing 
loan-level data on owner-occupied one-unit properties without the 
census tract or other geographic identifier; a National File B 
containing unit-level data on all single-family properties without the 
census tract or other geographic identifier; and a National File C 
containing the high-cost securitized loan data required by 12 U.S.C. 
4546(d)(2) without the census tract or other geographic identifier.
    For Enterprise multifamily data, the PUDB comprises a Census Tract 
File containing loan-level data that identifies the census tract 
location of the mortgaged properties; and a National File that does not 
identify the census tract or other geographic location of the mortgaged 
properties but contains property-level data and unit class-level data 
on all multifamily properties.
    All new HMDA data added to the PUDB starting in 2018 will be added 
to the Census Tract Files, as required by the Safety and Soundness Act. 
It will not be added to the National Files in order to preserve 
existing privacy and proprietary protections in these Files, as the 
data could increase the ability to link the National Files to the 
Census Tract Files.

C. Proprietary Protections in the PUDB

    The Safety and Soundness Act provides generally that Enterprise 
proprietary data must be protected from public disclosure.\16\ However, 
the statute exempts certain types of data elements from proprietary 
protection, requiring their public disclosure subject only to borrower 
privacy protections. The exempted data elements are income, census 
tract location, race, and gender of single-family mortgagors, and all 
other HMDA data.\17\ Some data elements that were previously protected 
as proprietary in the PUDB are now

[[Page 34198]]

HMDA data elements, so they no longer receive proprietary protections.
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    \16\ 12 U.S.C. 4543(b)(1); 4546(d).
    \17\ 12 U.S.C. 4543(b)(2).
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    The factors for determining proprietary protection of the 
Enterprise data in the PUDB are set forth in the HUD regulation which 
FHFA still administers. HUD applied the regulatory factors in a series 
of Orders determining the proprietary protections for specific data 
elements published in the PUDB. The HUD Orders (but not the HUD 
regulation) were superseded by FHFA Orders that adopted the HUD 
proprietary determinations for the specific data elements to be 
published in the PUDB and added the new data required by HERA.\18\
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    \18\ See 59 FR 29514 (June 7, 1994); 60 FR 61846, 62001 (App. F) 
(Dec. 1, 1995); 61 FR 54322 (Oct. 17, 1996); 69 FR 59476 (Oct. 4, 
2004); FHFA 2010 Order, 75 FR at 41189; FHFA Notice of Order, 76 FR 
60031 (Sept. 28, 2011) (FHFA 2011 Order).
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    FHFA protects proprietary data in the PUDB through two methods. 
First, data is protected through the multi-file system discussed above 
in Section I.B. Second, the individual data elements may be completely 
withheld from publication, or modified to reduce re-identification risk 
by disclosing in ranges or rounding.

D. Privacy Protections in the PUDB

    The HUD regulation, which was issued prior to the HERA amendments 
to the Safety and Soundness Act, provides that private data shall be 
withheld from the PUDB if publication of the data would ``constitute a 
clearly unwarranted invasion of personal privacy if such data or 
information were released to the public.'' \19\ HERA amended the Safety 
and Soundness Act to add a requirement that FHFA publish the HMDA data 
``[s]ubject to privacy considerations, as described in section 304(j) 
of [HMDA] (12 U.S.C. 2803(j)).'' \20\ Section 304(j)(2)(B) of HMDA 
requires the CFPB to ``require, by regulation, such deletions as [CFPB] 
may determine to be appropriate to protect--(i) any privacy interest'' 
of borrowers, and protect depository institutions reporting HMDA data 
from liability under privacy laws.\21\ The CFPB implemented this 
requirement through policy guidance (CFPB Privacy Guidance) setting out 
how the agency intends to exclude or modify data to protect borrower 
privacy and reporter liability, in balance with the purposes of public 
disclosure.\22\
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    \19\ 24 CFR 81.72(b)(3).
    \20\ 12 U.S.C. 4546(d).
    \21\ 12 U.S.C. 2803(j)(2)(B).
    \22\ CFPB, Disclosure of Loan-Level HMDA Data, Final Policy 
Guidance, 84 FR 649 (Jan. 31, 2019) (CFPB Privacy Guidance); 
Regulation C, 80 FR at 66132-66134.
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    The Safety and Soundness Act provides that FHFA publish the PUDB 
``[s]ubject to privacy considerations, as described in section 304(j) 
of [HMDA],'' which requires the CFPB to prescribe deletions that are 
appropriate to protect borrowers' privacy interests. FHFA interprets 
this provision as authorizing FHFA to follow the CFPB's intended 
privacy determinations. Where FHFA determines that privacy or other 
factors in the context of the PUDB call for different or more 
restrictive disclosure of HMDA data elements than the CFPB Privacy 
Guidance, FHFA may reasonably make such distinctions. Accordingly, FHFA 
is following the CFPB's intended privacy determinations for the PUDB 
(with one minor change to conform to FHFA's regulatory definition of 
small multifamily properties).

II. Changes to Enterprise Reporting Requirements and PUDB Disclosures

A. HMDA Data Review and New Reporting Requirements

    As discussed above in Section I.A., FHFA requires the Enterprises 
to report the HMDA data they collect from loan sellers for publication 
in the PUDB. Accordingly, FHFA must periodically review Enterprise data 
collections to ascertain whether they contain HMDA data that must be 
included in the PUDB.
    At the same time as the HMDA expansion in Regulation C, the 
Enterprises updated their single-family data collection through the 
Uniform Mortgage Data Program (UMDP) datasets.\23\ The UMDP is a joint 
Enterprise project to develop and implement mortgage data standards for 
the single-family loans they purchase or securitize. Improving 
Enterprise mortgage data standardization has been an annual 
Conservatorship Scorecard goal since 2012. The UMDP data requirements 
are generally aligned between the Enterprises. As a result of the 
expansion of HMDA and updates to the UMDP datasets, many new HMDA data 
elements are now available for inclusion in the PUDB Single-Family 
Census Tract File.
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    \23\ See UMDP Overview, at https://www.fanniemae.com/content/fact_sheet/umdp-overview.pdf (April 2018) (joint document authored 
by both Fannie Mae and Freddie Mac).
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    The Enterprises' multifamily data collections are not included in 
the UMDP datasets. However, some HMDA data elements are now collected 
by the Enterprises for multifamily loans and are available for 
inclusion in the PUDB Multifamily Census Tract File.
    Since both HMDA and Enterprise data collections have changed 
substantially since FHFA last added HMDA data to the PUDB in 2010, FHFA 
undertook a new review of all HMDA data elements. To identify the new 
HMDA data eligible for inclusion in the PUDB, FHFA requested that the 
Enterprises map their single-family and multifamily data collections to 
the HMDA data definitions in the amended Regulation C. Based on the 
data mapping and discussions with the Enterprises, FHFA identified the 
new HMDA data elements collected by the Enterprises and available to be 
included in the PUDB Census Tract Files. FHFA also identified data 
elements already disclosed in the PUDB that are defined as HMDA data 
elements for the first time under the amended Regulation C in 2018 and, 
therefore, no longer qualify for proprietary protection in the PUDB.
    In addition, FHFA identified groups of HMDA data elements collected 
by the Enterprises that will be excluded from the PUDB. One group of 
HMDA data elements will be excluded in conformance with the CFPB 
Privacy Guidance, which intends to exclude them entirely from 
publication in the CFPB's public dataset. Another group of HMDA data 
elements drawn from updated Enterprise seller data collections will be 
excluded because the Enterprises recently began collecting them and 
they require further analysis in order to ensure data quality before 
inclusion in the PUDB.
    The new HMDA data elements, and any previous PUDB data elements 
that are now defined as HMDA data, are not eligible to receive 
proprietary protections under the Safety and Soundness Act and will, 
therefore, be disclosed in the PUDB Census Tract Files. They will be 
modified to protect borrower privacy only.
    As a result of FHFA's review of the HMDA data elements, FHFA issued 
the appended Order, which added the appropriate HMDA data elements to 
the PUDB matrices and required the Enterprises to report them to FHFA. 
The Order modifies the 2010 and 2011 PUDB Orders previously issued by 
FHFA.\24\ The Order and this Notice of Order contain a link to the 
revised matrices on FHFA.gov and fulfill the Safety and Soundness Act 
requirement that FHFA issue an order or regulation to make the HMDA 
data available to the public, subject to privacy protections.\25\ The 
expansion of the PUDB data requirements will enhance transparency about 
the Enterprises' mortgage purchase activities.
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    \24\ FHFA 2010 Order, 75 FR 41180, and FHFA 2011 Order, 76 FR 
60031.
    \25\ 12 U.S.C. 4546(d).
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    The new HDMA data added by the Order will be published in a dataset 
that replaces an interim PUDB released on

[[Page 34199]]

September 23, 2019, which does not include the new HMDA data elements 
or Duty to Serve geographic indicators. The data specifications set out 
in the Order will apply to future annual PUDB releases, until further 
modified by FHFA.
    FHFA's review of each HMDA data element is detailed below in 
Section II.B. for single-family data and Section II.C. for multifamily 
data.

B. Single-Family PUDB

1. New HMDA Single-Family Data Elements Added to the PUDB
    The HMDA single-family data elements collected by the Enterprises 
that are listed below will be reported to FHFA and added to the PUDB 
Single-Family Census Tract File starting with the 2018 PUDB, as set 
forth in the revised PUDB matrices. Most of these data elements were 
new Regulation C reporting requirements in 2018. The list below 
indicates whether the data element was a new HMDA data element added 
for the first time in 2018 by Regulation C, or a pre-2018 HMDA data 
element that was modified in 2018 by Regulation C amendments.
    Discount Points: Discount Points is a new HMDA data element 
collected by the Enterprises that indicates the points paid by the home 
buyer or home seller to the lender to reduce the interest rate.\26\ It 
will be disclosed without modification in the PUDB Single-Family Census 
Tract File, in conformance with the CFPB Privacy Guidance.\27\ The data 
collected by the Enterprises may include origination or discount points 
paid by the borrower, home seller, or other third party, and may not 
correspond exactly to the Regulation C Discount Points disclosed by the 
CFPB.
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    \26\ 12 CFR 1003.4(a)(19); CFPB Home Mortgage Disclosure Act 
FAQs, https://www.consumerfinance.gov/policy-compliance/guidance/hmda-implementation/home-mortgage-disclosure-act-faqs/#discount-points (Aug. 28, 2019).
    \27\ 84 FR at 656.
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    Introductory Rate Period: Introductory Rate Period is a new HMDA 
data element collected by the Enterprises that indicates the number of 
months until the first date the interest rate may change.\28\ It will 
be disclosed without modification in the PUDB Single-Family Census 
Tract File, in conformance with the CFPB Privacy Guidance.\29\
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    \28\ 12 CFR 1003.4(a)(26).
    \29\ 84 FR at 656.
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    Property Value: Property Value is a new HMDA data element collected 
by the Enterprises that discloses the value of the property securing 
the loan, in exact dollars, that was relied on by the lender in making 
the credit decision to originate the loan.\30\ Because Property Value 
can be highly unique within a census tract, the CFPB Privacy Guidance 
discloses it as the midpoint of the $10,000 interval in which the 
actual value falls in order to reduce the ability to match it with 
other sources of data and facilitate re-identification of the 
borrower.\31\ Beginning with the 2018 PUDB, the Single-Family Census 
Tract File will disclose Property Value with the same modification as 
in the CFPB Privacy Guidance.
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    \30\ 12 CFR 1003.4(a)(28).
    \31\ 84 FR at 663. E.g., for a reported value of $117,834, the 
dataset will disclose it as $115,000, which is the midpoint between 
values equal to $110,000 and less than $120,000. Id. at 673.
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    Preapproval: \32\ Preapproval is a modified HMDA data element that 
indicates whether preapproval of the loan was requested by the 
applicant under a financial institution's covered preapproval 
program.\33\ Fannie Mae indicated that it collects some preapproval 
data. Freddie Mac indicated that it does not collect any preapproval 
data. The available Preapproval data will be disclosed without 
modification in the PUDB Single-Family Census Tract File, in 
conformance with the CFPB Privacy Guidance.\34\
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    \32\ In the FHFA 2010 Order, FHFA stated that a HMDA Preapproval 
data element would not be included in the PUDB because it does not 
relate to originated loans that could then be purchased by the 
Enterprises. 75 FR at 41186. However, upon further analysis, FHFA 
concludes that the HMDA Preapproval data element does apply to 
originated loans. The ``Preapproval'' data element is defined in 12 
CFR 1003.4(a)(4) as whether a ``covered loan involved a request for 
a preapproval of a home purchase loan under a preapproval program.'' 
In contrast, the HMDA Action Taken values relating to preapproval, 
12 CFR 1003.4(a)(8)(i)(C), specifically apply only to loans that 
were not originated (whether a preapproval request that did not 
result in the origination of a home purchase loan was denied or 
approved but not accepted). Accordingly, beginning with the 2018 
PUDB, the Preapproval data element parallel to 12 CFR 1003.4(a)(4) 
will be included, but not the Action Taken values related to 
preapproval in 12 CFR 1003.4(a)(8)(i)(C).
    \33\ 12 CFR 1003.4(a)(4); 24 CFR 1003.2(b)(2).
    \34\ 84 FR at 656.
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    Credit Scoring Model: Credit Scoring Model is a new HMDA data 
element that provides the name of the credit scoring model (if any) 
used to evaluate the loan.\35\ Both Enterprises collect this data. The 
available Credit Scoring Model data will be disclosed without 
modification for up to two borrowers in the PUDB Single-Family Census 
Tract File, in conformance with the CFPB Privacy Guidance.\36\
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    \35\ 12 CFR 1003.4(a)(15).
    \36\ 84 FR at 656.
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    Manufactured Home Land Property Interest: Manufactured Home Land 
Property Interest is a new HMDA data element that indicates whether the 
borrower has a direct ownership, indirect ownership, or a paid or 
unpaid leasehold interest in the land on which the manufactured home 
being financed will be sited.\37\ Freddie Mac indicated that it does 
not collect this data. Fannie Mae indicated that it collects data 
showing direct ownership, indirect ownership (i.e., a manufactured home 
cooperative), or the presence of a lease (i.e., ground rent), but its 
data cannot discern whether there is an unpaid leasehold. Accordingly, 
this data element will be added to the PUDB Single-Family Census Tract 
File but with only the values that conform with the data Fannie Mae 
collects. It will be disclosed without modification, in conformance 
with the CFPB Privacy Guidance.\38\
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    \37\ 12 CFR 1003.4(a)(30).
    \38\ 84 FR at 656.
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    Application Channel: Application Channel is a new HMDA data element 
partially collected by the Enterprises that indicates whether the loan 
application was submitted directly to the party making the credit 
decision, and whether the loan was initially payable to that party. 
Both Enterprises indicated that they collect data relating to the 
broker and retail channel that correspond to HMDA Application Channel 
values.\39\ The values that correspond to the HMDA Application Channel 
values will be disclosed in the PUDB Single-Family Census Tract File 
without modification, in conformance with the CFPB Privacy 
Guidance.\40\
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    \39\ 80 FR at 66299; 12 CFR 1003.4(a)(33). The CFPB does not use 
the terms ``broker'' and ``retail,'' but the Enterprises' data use 
these terms in a way that corresponds to the HMDA Application 
Channel values.
    \40\ 84 FR at 656.
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    Automated Underwriting System (AUS) Name: AUS Name is a new HMDA 
data element collected by the Enterprises that discloses the name(s) of 
the AUS(s) used by the lender to evaluate a loan application.\41\ Both 
Enterprises indicated that they collect only a single AUS name in 
connection with the AUS(s) used by a lender to evaluate a loan 
application.\42\ Accordingly, the Enterprises will report the AUS Name 
data they possess, and this data will be disclosed without modification 
in the PUDB Single-Family

[[Page 34200]]

Census Tract File, in conformance with the CFPB Privacy Guidance.\43\
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    \41\ 12 CFR 1003.4(a)(35).
    \42\ The CFPB's Official Interpretation to Regulation C sets out 
how multiple AUSs used to evaluate a single loan application are 
reported. See Supplement I to Part 1003--Official Interpretations, 
comment 4(a)(35) (Official Interpretations). The PUDB data will not 
fully align with the Regulation C data since the Enterprises do not 
collect data on all of the AUSs that may have been used prior to 
origination.
    \43\ 84 FR at 656.
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    Debt-to-Income (DTI): DTI is a new HMDA data element representing 
the ratio of the borrower's total monthly debt to total monthly income 
relied on by the lender to make the credit decision.\44\ Both 
Enterprises indicated that they can calculate and report DTI based on 
data they receive from their loan sellers. Accordingly, DTI will be 
added to the PUDB Single-Family Census Tract File and disclosed in 
conformance with the CFPB Privacy Guidance.\45\
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    \44\ 12 CFR 1003.4(a)(23).
    \45\ 84 FR at 665-666. The CFPB intends to disclose DTI as 
follows: ``a. Bin reported values into the following ranges, as 
applicable: 20 percent to less than 30 percent; 30 percent to less 
than 36 percent; and 50 percent to less than 60 percent; b. Bottom-
code reported values under 20 percent; c. Top-code reported values 
of 60 percent or higher; and d. Disclose, without modification, 
reported values greater than or equal to 36 percent and less than 50 
percent.'' 84 FR at 672.
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    Loan Purpose (Cash-Out Refinancing): Loan Purpose is a modified 
HMDA data element that indicates whether the loan was for Home 
Purchase, Home Improvement, Refinancing, Cash-Out Refinancing, or 
Other. The Regulation C amendments added Cash-Out Refinancing and 
Other.\46\ Both Enterprises indicated that they collect Cash-Out 
Refinancing, but not Other. Cash-Out Refinancing will be added to the 
PUDB Single-Family Census Tract File and disclosed unmodified, in 
conformance with the CFPB Privacy Guidance.\47\ (The current PUDB 
includes the other HMDA Loan Purpose values, which will continue to be 
disclosed.)
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    \46\ 12 CFR 1003.4(a)(3). Cash-Out Refinancing is defined as a 
loan that the institution considered to be a cash-out refinancing in 
processing the loan application or setting the terms (such as the 
interest rate or origination charges) under its guidelines or an 
investor's guidelines. Official Interpretations, comment 4(a)(3)-2.
    \47\ 84 FR at 656.
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    Loan Amount (Note Amount): Loan Amount is a modified HMDA data 
element that identifies the amount to be repaid as disclosed on the 
legal obligation (Note Amount), and the unpaid principal balance (UPB) 
at the time of purchase (discussed below).\48\ The current PUDB Single-
Family Census Tract File does not include the HMDA Note Amount. To 
conform with HMDA, the PUDB Single-Family Census Tract File will add a 
new field called Note Amount to indicate the amount to be repaid as 
disclosed on the legal obligation. Note Amount will be disclosed as the 
midpoint of the $10,000 interval in which the actual amount falls, in 
conformance with the CFPB Privacy Guidance.\49\
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    \48\ 12 CFR 1003.4(a)(7)(i). Regulation C loan purchasers are 
required to report the UPB at the time of purchase, and Regulation C 
loan originators are required to report the Note Amount. Because the 
Enterprises collect both values, FHFA is requiring that the 
Enterprises report both for inclusion in the PUDB. As noted earlier, 
the Enterprises' reporting obligations for the PUDB extend to all of 
the HMDA data they possess, not the same data as reported by HMDA 
loan purchasers. In 2010, FHFA determined not to include the HMDA 
Note Amount in the PUDB because there was likely to be no difference 
between the Note Amount and the UPB at the time of purchase for most 
loans acquired by the Enterprises. See FHFA 2010 Order, 75 FR at 
41188. However, on further consideration, FHFA will now add Note 
Amount to the PUDB to identify the subset of seasoned loans 
purchased by the Enterprises where there is a difference between the 
Note Amount and the UPB at the time of purchase.
    \49\ 84 FR at 661-663, 671-673.
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2. HMDA Single-Family Data Elements Already in the PUDB
    FHFA identified several HMDA single-family data elements that were 
added, modified, or unchanged by the Regulation C amendments and are 
already reported by the Enterprises and disclosed in the current PUDB. 
The Enterprises' reporting requirements thus generally will not change 
for these data elements. However, the disclosure in the PUDB will 
change in some cases to conform with the CFPB Privacy Guidance. In 
addition, some of the data elements were defined as HMDA data for the 
first time in 2018 in Regulation C and, therefore, any proprietary 
protections they received in the PUDB are no longer permissible under 
the Safety and Soundness Act and will be removed. All of the data 
elements will be released in the PUDB Single-Family Census Tract File, 
with modifications as appropriate to conform with the CFPB Privacy 
Guidance.
i. Disclosure Changes in the PUDB
    The single-family data elements listed below were previously 
withheld from the PUDB or disclosed in the PUDB with proprietary 
protections, but are defined as HMDA data elements in 2018 and must be 
disclosed, with modifications as appropriate to conform with the CFPB 
Privacy Guidance. In some cases, the data element was defined as a HMDA 
data element for the first time in 2018 and, thus, is no longer 
eligible for the proprietary protections it had been receiving in the 
PUDB. The data elements previously disclosed only in the National Files 
that must now be disclosed in the PUDB Single-Family Census Tract File 
will continue to be disclosed in the National Files as well as being 
added to the Census Tract File.
    Interest Rate: Interest Rate is a new HMDA data element that 
discloses the actual note rate on the loan as a percentage to at least 
three decimal places.\50\ Interest Rate is currently disclosed in the 
PUDB Single-Family National File C in bins of 0.5 percent. Interest 
Rate will be disclosed in the PUDB Single-Family Census Tract File as 
the actual note rate to at least three decimal places, consistent with 
the Regulation C definition and CFPB Privacy Guidance.\51\
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    \50\ 12 CFR 1003.4(a)(21); CFPB, 2018 Reportable HMDA Data: A 
Regulatory and Reporting Overview Reference Chart for HMDA Data 
Collected in 2018 at 27, https://files.consumerfinance.gov/f/documents/201710_cfpb_reportable-hmda-data_regulatory-and-reporting-overview-reference-chart.pdf (Aug. 31, 2018).
    \51\ 84 FR at 656.
---------------------------------------------------------------------------

    Construction Method and Total Units: The HMDA Property Type data 
element was disaggregated in 2018 by Regulation C into two new data 
elements: Construction Method; and Total Units.\52\ Property Type 
previously had values for Manufactured Home, Multifamily, and Single-
Family Home (1-4 Units, Other Than Manufactured). The new HMDA 
Construction Method and Total Units data elements provide a clearer 
disclosure of the type of housing and number of units. Construction 
Method indicates Site Built or Manufactured Home. Total Units indicates 
the number of units. There are no longer values for Multifamily or 
Single-Family Home, although ``multifamily'' is defined elsewhere in 
Regulation C as ``five or more individual dwelling units.'' \53\
---------------------------------------------------------------------------

    \52\ 80 FR at 66180-81; 12 CFR 1003.4(a)(5) and (31).
    \53\ 12 CFR 1003.2(n). The Safety and Soundness Act also defines 
multifamily as five or more dwelling units. 12 U.S.C. 4502(18).
---------------------------------------------------------------------------

    The Property Type data element is currently disclosed in the PUDB 
Single-Family Census Tract File, aligned with the previous Regulation C 
definition. In addition, the PUDB Single-Family National Files A and B 
already publish a data element named Number of Units, which corresponds 
to the HMDA Total Units data element. These existing data fields will 
be changed in the PUDB Single-Family Census Tract File to conform with 
HMDA by adding a new Construction Method field and disclosing Number of 
Units in the Census Tract File. Construction Method will be disclosed 
without modification, in conformance with the CFPB Privacy 
Guidance.\54\ Number of Units will be disclosed as 1, 2, 3, or 4 units 
for single-family loans. Number of Units will also continue to be 
disclosed in the PUDB Single-Family National Files A and B.
---------------------------------------------------------------------------

    \54\ 84 FR at 656.
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    Loan Term: Loan Term is a new HMDA data element that discloses the 
number of months until the loan reaches

[[Page 34201]]

maturity.\55\ For purchased loans, Loan Term is measured from 
origination.\56\ The PUDB Single-Family National File C currently 
includes the data element Term of Mortgage at Origination, which 
corresponds to HMDA Loan Term. Loan Term will be disclosed in the PUDB 
Single-Family Census Tract File without modification, in conformance 
with the CFPB Privacy Guidance.\57\
---------------------------------------------------------------------------

    \55\ 12 CFR 1003.4(a)(25).
    \56\ Official Interpretations, comment 4(a)(25)-3.
    \57\ 84 FR at 656.
---------------------------------------------------------------------------

    Combined Loan-to-Value (CLTV): CLTV is a new HMDA data element that 
discloses the ratio at origination of the total amount of debt secured 
by the property to the value of the property relied on in making the 
credit decision (discussed above in Section II.B.1.), disclosed as a 
percentage.\58\ LTV or CLTV if available is currently disclosed in the 
PUDB Single-Family National Files A and C in ranges, without disclosing 
whether the value is LTV or CLTV. To conform with HMDA, the actual 
ratio for LTV or CLTV will be disclosed in the PUDB Single-Family 
Census Tract File without modification, and without disclosing whether 
it is LTV or CLTV, in conformance with the CFPB Privacy Guidance.\59\
---------------------------------------------------------------------------

    \58\ 12 CFR 1003.4(a)(24).
    \59\ 84 FR at 656, 662.
---------------------------------------------------------------------------

    Age: Age is a new HMDA data element that indicates the borrower and 
co-borrower ages at the time of loan application.\60\ The PUDB Single-
Family Census Tract File currently includes data elements called Age of 
Borrower and Age of Co-borrower disclosed in exact years. Age of 
Borrower and Age of Co-borrower will be disclosed in the PUDB Single-
Family Census Tract File in ranges, in conformance with the CFPB 
Privacy Guidance to mask the exact year.\61\
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    \60\ 12 CFR 1003.4(a)(10)(ii).
    \61\ 84 FR at 664-665, 672. The age ranges are: 25 to 34; 35 to 
44; 45 to 54; 55 to 64 (with a flag for 62 or higher); and 65 to 74. 
Below 25 and above 74 are bottom- and top-coded, respectively.
---------------------------------------------------------------------------

    Occupancy Type: The HMDA Occupancy Type data element was modified 
in 2018 by Regulation C to add new values. Previously, Occupancy Type 
had values for Owner-Occupied as a Principle Residence, Not-Owner 
Occupied as a Principal Residence, and Not Applicable. The Regulation C 
amendments replaced Not-Owner Occupied as a Principle Residence with 
two new values: Second Residence; and Investment Property.\62\ The new 
HMDA Occupancy Type values for Second Residence and Investment are 
already reported to FHFA by the Enterprises in a data element called 
Occupancy Code, but the current PUDB Single-Family Census Tract File 
discloses only Owner-Occupied, Investment, and Not Applicable. 
Occupancy Code will be changed in the PUDB Single-Family Census Tract 
File to align with HMDA by disclosing Second Residence, and will 
continue to be disclosed without modification, in conformance with the 
CFPB Privacy Guidance.\63\
---------------------------------------------------------------------------

    \62\ 12 CFR 1003.4(a)(6).
    \63\ 84 FR at 656.
---------------------------------------------------------------------------

    Action Taken Date (Loan Originated): Action Taken Date is an 
unchanged HMDA data element that reports the action, and the date the 
action was taken.\64\ For the Enterprise data and PUDB purposes, the 
relevant HMDA Action Taken Date values are Loan Originated and 
Purchased Loan (discussed below in Section II.B.2.ii.).\65\ The CFPB 
intends to withhold all Action Taken Dates from its public dataset 
since the exact dates could be used to match to other public datasets 
with individually identifying information.\66\ However, the year of 
origination or year of purchase can always be inferred from the CFPB's 
public dataset because it only contains loans that were originated or 
purchased in that year--e.g., the dataset with 2018 data only contains 
loans originated or purchased in 2018.
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    \64\ 12 CFR 1003.4(a)(8)(i)(A) and (ii). The PUDB combines 
Action Taken and Action Taken Date since there is only one possible 
action by the Enterprises (purchase) and there are two available 
dates in the Enterprise data (origination and purchase).
    \65\ Action Taken also requires reporting actions that do not 
apply to originated loans (e.g., application denied). 12 CFR 
1003.4(a)(8)(i)(B) and (C). Since the PUDB only contains data on 
originated loans, the HMDA values that do not apply to originated 
loans are not relevant.
    \66\ 84 FR at 663.
---------------------------------------------------------------------------

    The current PUDB Single-Family National File B includes a field for 
Date of Mortgage Note, which conforms with the HMDA Loan Originated 
value. Date of Mortgage Note is modified in the current PUDB to 
indicate whether the loan was originated in the same year it was 
acquired, or in any prior year. This modification conforms with the 
CFPB's intended withholding of the month and day from its public 
dataset. Accordingly, Date of Mortgage Note will be disclosed in the 
PUDB Single-Family Census Tract File in the same manner, in conformance 
with the CFPB Privacy Guidance.\67\
---------------------------------------------------------------------------

    \67\ In the FHFA 2010 Order, Date of Mortgage Note was withheld 
from the PUDB Single-Family Census Tract File to conform to HMDA 
privacy protections in 12 U.S.C. 2803(j). 75 FR at 41186. However, 
FHFA has now concluded that disclosing Date of Mortgage Note as same 
year or any prior year in the PUDB Single-Family Census Tract File 
is consistent with the CFPB Privacy Guidance, since the year of 
origination can be inferred from the date of the CFPB's public 
dataset. Although the CFPB's public dataset does not include 
information on the origination year of purchased loans, the PUDB 
disclosure that a loan was originated in the year of purchase or any 
prior year does not increase privacy risks and aligns with the CFPB 
Privacy Guidance to withhold the day and month of origination.
---------------------------------------------------------------------------

    Loan Amount (UPB): Loan Amount is a modified HMDA data element that 
identifies the Note Amount (discussed above in Section II.B.1.) and the 
UPB at the time of purchase.\68\ The current PUDB Single-Family Census 
Tract File includes a data element called Acquisition UPB, rounded to 
the nearest $1,000. To conform with the CFPB Privacy Guidance, 
Acquisition UPB in the PUDB Single-Family Census Tract File will be 
changed to the midpoint of the $10,000 interval in which the actual 
amount falls.\69\
---------------------------------------------------------------------------

    \68\ 12 CFR 1003.4(a)(7)(i).
    \69\ 84 FR at 661.
---------------------------------------------------------------------------

ii. No Disclosure Changes in the PUDB
    The HMDA single-family data elements listed below are currently 
disclosed in the PUDB Single-Family Census Tract File and were 
unchanged by the Regulation C amendments or were modified in a way 
irrelevant to Enterprise data. Accordingly, they will continue to be 
disclosed in the same manner in this File. No changes in reporting or 
disclosure are necessary to conform with HMDA.
    Action Taken Date (Purchased Loan): Action Taken Date is an 
unchanged HMDA data element that reports the action, and the date the 
action was taken.\70\ For the Enterprise data and PUDB purposes, the 
relevant HMDA Action Taken Date values are Loan Originated (discussed 
above in Section II.B.2.i.) and Purchased Loan. Purchased Loan is an 
unchanged HMDA data element value indicating the exact date the loan 
was purchased from an originator.\71\ The PUDB does not disclose the 
exact date of acquisition. The year of acquisition can be inferred from 
the year of the PUDB, which contains only the Enterprises' loan 
acquisitions in a single calendar year. The CFPB likewise intends to 
withhold the exact date of loan purchase from its public dataset to 
protect privacy, but the year of purchase can be inferred in the 
dataset. Accordingly, no changes need to be made to the Single-Family 
PUDB to conform to HMDA definitions or privacy modifications for this 
data element value.
---------------------------------------------------------------------------

    \70\ 12 CFR 1003.4(a)(8)(i)(A) and (ii).
    \71\ Id.
---------------------------------------------------------------------------

    Loan Type: Loan Type is an unchanged HMDA data element that 
discloses whether the loan is insured by the Federal Housing 
Administration,

[[Page 34202]]

guaranteed by the Department of Veterans Affairs, guaranteed by the 
Rural Housing Service or the Farm Service Agency, or Conventional.\72\ 
The current PUDB Single-Family Census Tract File includes a data field 
for Federal Guarantee, which conforms with HMDA Loan Type. Federal 
Guarantee will continue to be disclosed without modification in the 
PUDB Single-Family Census Tract File, in conformance with the CFPB 
Privacy Guidance.\73\
---------------------------------------------------------------------------

    \72\ 12 CFR 1003.4(a)(2). ``Conventional'' is the value used by 
HMDA and the PUDB to indicate a loan that is not insured or 
guaranteed by one of the listed federal agencies. See CFPB, 2018 
Reportable HMDA Data: A Regulatory and Reporting Overview Reference 
Chart at 3, https://files.consumerfinance.gov/f/documents/201710_cfpb_reportable-hmda-data_regulatory-and-reporting-overview-reference-chart.pdf (Aug. 31, 2018).
    \73\ 84 FR at 656.
---------------------------------------------------------------------------

    Property Location: Property Location is an unchanged HMDA element 
that includes values for the State, County, and Census Tract location 
of the mortgaged property.\74\ Data elements for these values are 
currently disclosed in the PUDB Single-Family Census Tract File without 
modification, in conformance with the CFPB Privacy Guidance.\75\ They 
will continue to be disclosed without modification in this File.
---------------------------------------------------------------------------

    \74\ 12 CFR 1003.4(a)(9)(ii).
    \75\ 84 FR at 656.
---------------------------------------------------------------------------

    Income: Income is an unchanged HMDA data element disclosing the 
gross annual borrower income relied on in making the credit 
decision.\76\ The current PUDB Single-Family Census Tract File 
discloses this data as Borrower's Annual Income rounded to the nearest 
$1,000, which conforms with the CFPB Privacy Guidance.\77\ Income will 
continue to be disclosed in this manner in this File.
---------------------------------------------------------------------------

    \76\ 12 CFR 1003.4(a)(10)(iii).
    \77\ 84 FR at 659.
---------------------------------------------------------------------------

    Type of Purchaser: Type of Purchaser is a modified HMDA data 
element reported by a loan originator that indicates the type of 
purchaser for loans sold within the same calendar year as 
origination.\78\ This includes separate values for Fannie Mae and 
Freddie Mac.\79\ All Files in the current Single-Family PUDB include an 
Enterprise Flag, which is equivalent to the HMDA Type of Purchaser 
values for Fannie Mae and Freddie Mac. For the PUDB, the other Type of 
Purchaser values are not relevant because, by definition, all PUDB 
loans were purchased by the Enterprises.\80\ The Enterprise Flag will 
continue to be disclosed in all Single-Family PUDB Files, including the 
Census Tract File, without modification.
---------------------------------------------------------------------------

    \78\ 12 CFR 1003.4(a)(11).
    \79\ For all Type of Purchaser reporting codes, see 2018 CFPB, 
2018 Reportable HMDA Data: A Regulatory and Reporting Overview 
Reference Chart at 19, https://files.consumerfinance.gov/f/documents/201710_cfpb_reportable-hmda-data_regulatory-and-reporting-overview-reference-chart.pdf (Aug. 31, 2018). The CFPB's 2015 
modifications to Type of Purchaser are not relevant to the 
Enterprise data. 80 FR at 66197.
    \80\ See FHFA 2010 Order, 75 FR at 41186.
---------------------------------------------------------------------------

    HOEPA Status: HOEPA Status is an unchanged HMDA data element that 
indicates whether the loan is a HOEPA loan.\81\ HOEPA Status is 
disclosed in the current PUDB Single-Family Census Tract File without 
modification, in conformance with the CFPB Privacy Guidance.\82\ HOEPA 
Status will continue to be disclosed in this File without modification.
---------------------------------------------------------------------------

    \81\ 12 CFR 1003.4(a)(13). A HOEPA loan is a loan subject to the 
Home Ownership and Equity Protection Act of 1994, as implemented by 
Regulation Z, 12 CFR 1026.32, by reason of its interest rate or its 
points and fees. The Enterprises purchase very few such loans.
    \82\ 84 FR at 656.
---------------------------------------------------------------------------

    Lien Status: Lien Status is a modified HMDA data element that 
indicates whether the loan is Secured by a First Lien, or Secured by a 
Subordinate Lien.\83\ The current PUDB Single-Family Census Tract File 
discloses Lien Status without modification, in conformance with the 
CFPB Privacy Guidance.\84\ Lien Status will continue to be disclosed in 
this File without modification.
---------------------------------------------------------------------------

    \83\ 12 CFR 1003.4(a)(14). The CFPB modified this data element 
to add the lien status for purchased loans, which is already 
included in the PUDB. 80 FR at 66201; FHFA 2010 Order, 75 FR at 
41184.
    \84\ 84 FR at 656.
---------------------------------------------------------------------------

    Loan Purpose (Purchase, Refinancing, and Home Improvement): Loan 
Purpose is a modified HMDA data element that indicates whether the loan 
was for Purchase, Refinancing, Cash-Out Refinancing, Home Improvement, 
or Other.\85\ The Loan Purpose values for Purchase, Refinancing, and 
Home Improvement are disclosed in the current PUDB Single-Family Census 
Tract File without modification and will continue to be disclosed in 
this manner in the Census Tract File, in conformance with the CFPB 
Privacy Guidance.\86\ As discussed above in Section II.B.1, the new 
Cash-Out Refinancing value will be added to the PUDB.
---------------------------------------------------------------------------

    \85\ 12 CFR 1003.4(a)(3).
    \86\ 84 FR at 656.
---------------------------------------------------------------------------

3. HMDA Single-Family Data Elements Excluded From the PUDB Due to Data 
Quality Questions
    FHFA has identified several new HMDA single-family data elements in 
recently updated Enterprise single-family loan seller data collections. 
They include data elements drawn from the Enterprises' Uniform Closing 
Datasets (UCD), and new data elements added in the Uniform Loan 
Delivery Dataset (ULDD) Phase 3. These data elements have not been 
included in the Single-Family PUDB in the past, but are now subject to 
inclusion because they are HMDA data elements that were collected by 
the Enterprises in 2018. However, because these are new data 
collections requiring further analysis to ensure data quality before 
inclusion in the PUDB, FHFA is not requiring the Enterprises to report 
them at this time for the PUDB. The data elements are discussed below.
    Total Loan Costs, Origination Charges, and Lender Credits: These 
are new HMDA data elements that incorporate certain loan cost items 
from the closing disclosure required by the Truth in Lending Act/Real 
Estate Settlement Procedures Act Integrated Disclosure (TRID).\87\ 
Total Loan Costs indicates the loan cost amount in dollars.\88\ 
Origination Charges indicates the total borrower-paid origination costs 
for the loan.\89\ Lender Credits indicates any amounts the lender paid 
to the borrower to offset closing costs.\90\
---------------------------------------------------------------------------

    \87\ The CFPB implemented the TRID closing disclosure to provide 
a single disclosure to help consumers understand all of the costs of 
a mortgage transaction prior to closing, in accordance with the 
direction of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act. See CFPB, Integrated Mortgage Disclosures Under the 
Real Estate Settlement Procedures Act (Regulation X) and the Truth 
In Lending Act (Regulation Z), Final Rule, 78 FR 79730 (Dec. 31, 
2013). Regulation C incorporates some items exactly from the TRID 
closing disclosure. See, e.g., 80 FR at 66211 (defining Regulation C 
Origination Charges as the same as data entered on the closing 
disclosure). The Enterprises' UCD includes the data from the TRID 
closing disclosure. See Uniform Closing Dataset FAQ Updates, at 
https://www.fanniemae.com/content/faq/uniform-closing-dataset-faqs.pdf (June 28, 2019) (joint Enterprise publication).
    \88\ 12 CFR 1003.4(a)(17)(i).
    \89\ 12 CFR 1003.4(a)(18).
    \90\ 12 CFR 1003.4(a)(20).
---------------------------------------------------------------------------

    Ethnicity, Race, and Sex: These are HMDA data elements that 
indicate the ethnicity, race, and sex of the borrower and co-borrower. 
The Regulation C amendments expanded the ethnicity and race categories 
to include new sub-groups.\91\ The Enterprises required loan sellers to 
begin reporting the new HMDA ethnicity and race data starting in mid-
2019, although some sellers voluntarily reported the new data in 2018. 
During this transition period, the PUDB Single-Family Census Tract File 
will continue to disclose ethnicity, race, and sex data in conformance 
with the former HMDA reporting categories.
---------------------------------------------------------------------------

    \91\ 12 CFR 1003.4(a)(10)(i); Appendix B to Part 1003.
---------------------------------------------------------------------------

    Legal Entity Identifier (LEI): LEI is a new HMDA data element that 
is a unique identification number associated

[[Page 34203]]

with the single legal entity that originated the loan.\92\ LEI is the 
first 20 characters of the 45-character Universal Loan Identifier 
(ULI), which is a new HMDA data element that is collected by the 
Enterprises (discussed below in Section II.B.5.).\93\ LEI is intended 
to be published by the CFPB without modification, although the ULI is 
excluded to protect borrower privacy.\94\
---------------------------------------------------------------------------

    \92\ 12 CFR 1003.4(a)(1) and 1003.5(a)(3). For purposes of HMDA, 
the ``originator'' represented in the LEI is the ``the financial 
institution that made the credit decision approving the application 
before closing or account opening.'' Official Interpretations, 
comment 4(a)-2(i).
    \93\ LEI is reported both as part of the ULI under 12 CFR 
1003.4(a)(1) and in the HMDA transmittal sheets under 12 CFR 
1003.5(a)(3)(vii). The Enterprises do not collect HMDA transmittal 
sheets, so they currently collect the LEI only via the ULI.
    \94\ 84 FR at 657, 660.
---------------------------------------------------------------------------

    Rate Spread: Rate Spread is a modified HMDA data element that 
discloses the difference between the loan's Annual Percentage Rate and 
the ``average prime offer rate'' for a comparable transaction, to the 
third decimal place. Regulation C previously required that Rate Spread 
only be reported for loans where the spread is at least 1.50 percentage 
points.\95\ The modified HMDA Rate Spread must report the Rate Spread 
of any amount for all loans.\96\ Rate Spread meeting the previous HMDA 
definition is collected by the Enterprises and currently disclosed in 
the PUDB Single-Family Census Tract File.\97\ The PUDB Single-Family 
Census Tract File will continue to disclose Rate Spread as previously 
defined under HMDA.
---------------------------------------------------------------------------

    \95\ 80 FR at 66197-66198.
    \96\ 12 CFR 1003.4(a)(12).
    \97\ FHFA 2010 Order, 75 FR at 41185 (adding a Rate Spread data 
element to the PUDB that aligned with the HMDA 2010 definition).
---------------------------------------------------------------------------

4. HMDA Single-Family Data Elements Not Collected by the Enterprises 
and Not Included in the PUDB
    Based on the review of the Enterprises' data mapping submissions, 
FHFA concluded that the HMDA single-family data elements listed below 
are not collected by the Enterprises from loan sellers. All of the data 
elements except one relate to loan types not purchased by the 
Enterprises and, thus, are not available for reporting. The remaining 
data element, Business or Commercial Purpose, is partially represented 
by other data elements in the PUDB and FHFA does not require the 
Enterprises, while in conservatorship, to collect the rest of the data 
from loan sellers solely to populate the PUDB. Accordingly, these data 
elements are not available for inclusion in the Single-Family PUDB.
    Reverse Mortgage, Open-End Line of Credit, and Prepayment Penalty 
Term: Reverse Mortgage indicates that the loan was a reverse 
mortgage.\98\ Open-End Line of Credit indicates an open-end line of 
credit secured by a dwelling, such as a home equity line of credit.\99\ 
Prepayment Penalty Term discloses the length of any prepayment penalty 
term during which a charge is imposed for pre-paying all or part of the 
principal prior to the contractual due date.\100\ The Enterprises do 
not collect these new HMDA data elements because they relate to loan 
types the Enterprises do not purchase and, thus, are not available for 
reporting. Accordingly, these data elements are not available for 
inclusion in the Single-Family PUDB.
---------------------------------------------------------------------------

    \98\ 12 CFR 1003.4(a)(36).
    \99\ 12 CFR 1003.4(a)(37).
    \100\ 12 CFR 1003.4(a)(22); 1026.32(b)(6)(i).
---------------------------------------------------------------------------

    Business or Commercial Purpose: Business or Commercial Purpose 
indicates whether the loan was used for a business or commercial 
primary purpose.\101\ The Enterprise data partially aligns with the 
Business or Commercial Purpose definition in Regulation C. The 
Enterprises do not collect the data needed to determine whether 
principal or second residence single-family loans are Business or 
Commercial Purpose under Regulation C.\102\ FHFA will not require the 
Enterprises to collect this data solely to populate the PUDB. However, 
all Enterprise single-family investor loans are, by definition, 
Business or Commercial Purpose under Regulation C.\103\ Because the 
single-family investor loan data is already captured in other PUDB data 
elements (Number of Units and Occupancy Code (Investment Property)), a 
separate Business or Commercial Purpose data element will not be added 
to the PUDB.
---------------------------------------------------------------------------

    \101\ 12 CFR 1003.4(a)(38).
    \102\ Regulation C requires applying the factors set out in the 
Official Interpretation of Regulation Z, 12 CFR 1026.3(a), to 
determine whether single-family principle or second residence loans 
are Business or Commercial Purpose. See Official Interpretations to 
Regulation C, 12 CFR 1003.4(a)(38) and 1003.3(c)(10) (comment 
3(c)(10)-2). The Enterprises do not collect data required to make 
such determinations.
    \103\ See Official Interpretations, 4(a)(38), 3(c)(10)-3(i) and 
3(iii).
---------------------------------------------------------------------------

    Manufactured Home Secured Property Type: Manufactured Home Secured 
Property Type is a new HMDA data element that indicates whether a 
manufactured home loan was secured by the land and home, or only the 
home.\104\ Because the Enterprises did not purchase manufactured home 
loans secured only by the home in 2018, they did not collect this data 
element and, therefore, it is not available for inclusion in the 
Single-Family PUDB. The Enterprises did purchase manufactured home 
loans secured by both the land and the home in 2018. These loan 
purchases will be disclosed in the PUDB Single-Family Census Tract File 
under the Construction Method data element, which, as discussed above 
in Section II.B.2.i., identifies whether the property is Site Built or 
a Manufactured Home.
---------------------------------------------------------------------------

    \104\ 12 CFR 1003.4(a)(29).
---------------------------------------------------------------------------

    Total Points and Fees: Total Points and Fees is a new HMDA data 
element that applies to loans covered by the Ability to Repay rule that 
were not subject to the TRID closing disclosure requirement and, 
therefore, cannot report the TRID Total Loan Costs.\105\ According to 
the CFPB, these loans generally are manufactured home loans secured 
only by the home as personal property.\106\ Such loans must report the 
total amount of points and fees calculated pursuant to Regulation 
Z,\107\ which may differ from the TRID Total Loan Costs. Because 
neither Enterprise acquired such loans in 2018, they did not collect 
this data element and, therefore, it is not available for inclusion in 
the Single-Family PUDB.
---------------------------------------------------------------------------

    \105\ 80 FR at 66208; 12 CFR 1003.4(a)(17).
    \106\ Id.
    \107\ 12 CFR 1026.32(b)(1).
---------------------------------------------------------------------------

    Non-Amortizing Features: Non-Amortizing Features is a new HMDA data 
element that indicates whether the loan has any non-amortizing 
features, such as Balloon Payments, Interest-Only Payments, or Negative 
Amortization.\108\ The Enterprises indicated that they do not purchase 
single-family loans with any non-amortizing features and, thus, do not 
collect this data. This data element, therefore, is not available for 
inclusion in the Single-Family PUDB.
---------------------------------------------------------------------------

    \108\ 12 CFR 1003.4(a)(27).
---------------------------------------------------------------------------

    Reason for Denial: Reason for Denial is a modified HMDA data 
element that reports the reason a loan application was denied.\109\ 
Since the PUDB only contains loans that were purchased by the 
Enterprises, this data element is inapplicable and, thus, not available 
for inclusion in the Single-Family PUDB.\110\
---------------------------------------------------------------------------

    \109\ 12 CFR 1003.4(a)(16).
    \110\ This data element was excluded from the Single-Family PUDB 
by the FHFA 2010 Order, 75 FR at 41186.
---------------------------------------------------------------------------

5. HMDA Single-Family Data Elements Excluded From the PUDB to Protect 
Borrower Privacy
    FHFA identified several new HMDA single-family data elements that 
will be wholly excluded from the Single-Family PUDB to protect borrower 
privacy, in conformance with the CFPB Privacy Guidance. In general, 
these data

[[Page 34204]]

elements are unique and could facilitate re-identification of the 
borrower. These data elements are not currently disclosed in the 
Single-Family PUDB and will continue to be withheld. Accordingly, they 
are not required to be reported by the Enterprises to FHFA for PUDB 
purposes.
    Universal Loan Identifier (ULI): ULI is a new HMDA data element 
that provides a unique identifier for each HMDA loan record. As 
discussed above in Section II.B.3., the ULI includes the LEI.\111\ The 
Enterprises collect ULI from some loan sellers. Because the ULI is 
uniquely identifying, the CFPB Privacy Guidance intends to exclude it 
from the Regulation C dataset.\112\ In conformance with the CFPB 
Privacy Guidance, the ULI will be excluded from the Single-Family 
PUDB.\113\
---------------------------------------------------------------------------

    \111\ 12 CFR 1003.4(a)(1)(i).
    \112\ 84 FR at 660.
    \113\ Any reported Non-Universal Loan Identifier (NULI) would 
also be excluded from the PUDB to conform to the CFPB Privacy 
Guidance. Id.
---------------------------------------------------------------------------

    Application Date: Application Date is an unchanged HMDA data 
element that indicates the date the loan application was received or 
the date shown on the loan application form.\114\ The Enterprises 
collect Application Date. Because Application Date presents borrower 
privacy concerns, the CFPB intends to exclude it from its public 
dataset.\115\ In conformance with the CFPB Privacy Guidance, 
Application Date will continue to be excluded from the Single-Family 
PUDB.
---------------------------------------------------------------------------

    \114\ 12 CFR 1003.4(a)(1)(ii).
    \115\ 84 FR at 660.
---------------------------------------------------------------------------

    Property Address: Property Address is a new HMDA data element that 
indicates the address of the property securing the loan.\116\ The 
Enterprises collect Property Address. Because Property Address is 
uniquely identifying, the CFPB intends to exclude it from its public 
dataset.\117\ In conformance with the CFPB Privacy Guidance, Property 
Address will continue to be excluded from the Single-Family PUDB.
---------------------------------------------------------------------------

    \116\ 12 CFR 1003.4(a)(9)(i).
    \117\ 84 FR at 663.
---------------------------------------------------------------------------

    Credit Score: Credit Score is a new HMDA data element indicating 
the credit score relied on by the lender to make the decision on the 
loan application.\118\ Credit Score is currently published in ranges in 
the PUDB Single-Family National File C, in accordance with FHFA's 
statutory requirement to publish high-cost securitized mortgage data, 
which includes data about borrower creditworthiness.\119\ The CFPB 
requires Credit Score to be reported by lenders, but intends to exclude 
it from disclosure in its public dataset.\120\ FHFA will continue 
disclosing Credit Score in the PUDB Single-Family National File C in 
ranges to fulfill its separate statutory obligation to publish high-
cost securitized mortgage data, but will not add it to the Census Tract 
File in order to remain aligned with the CFPB Privacy Guidance.
---------------------------------------------------------------------------

    \118\ 12 CFR 1003.4(a)(15)(i).
    \119\ 12 U.S.C. 4546(d)(2); FHFA 2011 Order, 76 FR at 60034.
    \120\ 84 FR at 665.
---------------------------------------------------------------------------

    Nationwide Mortgage Licensing System and Registry ID (NMLSR ID): 
NMLSR ID is a new HMDA data element that identifies the mortgage loan 
originator, as defined in Regulation G \121\ or Regulation H,\122\ as 
applicable.\123\ The Enterprises collect NMLSR ID. Because NMLSR ID 
could identify a borrower, the CFPB Privacy Guidance intends to exclude 
it from the CFPB's public dataset.\124\ In conformance with the CFPB 
Privacy Guidance, NMLSR ID will continue to be excluded from the 
Single-Family PUDB.
---------------------------------------------------------------------------

    \121\ 12 CFR 1007.102.
    \122\ 12 CFR 1008.23.
    \123\ 12 CFR 1003.4(a)(34).
    \124\ 84 FR at 667.
---------------------------------------------------------------------------

    Automated Underwriting System Result (AUS Result): AUS Result is a 
new HMDA data element that identifies the result provided by any AUS 
used to evaluate a loan application.\125\ The Enterprises collect AUS 
Result. The CFPB Privacy Guidance intends to exclude AUS Result from 
the CFPB's public dataset because it presents borrower privacy 
concerns.\126\ In conformance with the CFPB Privacy Guidance, AUS 
Result will continue to be excluded from the Single-Family PUDB.
---------------------------------------------------------------------------

    \125\ 12 CFR 1003.4(a)(35).
    \126\ 84 FR at 668.
---------------------------------------------------------------------------

C. Multifamily PUDB

1. New or Modified HMDA Multifamily Data Elements Added to the PUDB
    The following multifamily data elements added or modified by the 
amended Regulation C will be added to the PUDB Multifamily Census Tract 
File.
    Prepayment Penalty Term: Prepayment Penalty Term is a new HMDA data 
element that indicates the length of any prepayment penalty term during 
which a charge is imposed for pre-paying all or part of the principal 
prior to the contractual due date.\127\ The Enterprises collect this 
data element. Prepayment Penalty Term will be disclosed without 
modification in the PUDB Multifamily Census Tract File, in conformance 
with the CFPB Privacy Guidance.\128\
---------------------------------------------------------------------------

    \127\ 12 CFR 1003.4(a)(22); 1026.32(b)(6)(i).
    \128\ 84 FR at 656.
---------------------------------------------------------------------------

    Property Value: Property Value is a new HMDA data element that 
indicates the value of the property securing the loan, in exact 
dollars, that was relied on by the lender in making the credit decision 
to originate the loan.\129\ The Enterprises collect this data element. 
Because Property Value can be highly unique within a census tract, the 
CFPB Privacy Guidance intends to require that it be disclosed as the 
midpoint of the $10,000 interval in which the reported value falls in 
order to reduce the ability to match the loan with other sources of 
data and facilitate re-identification of the borrower.\130\ The PUDB 
Multifamily Census Tract File will disclose Property Value with the 
same modification, in conformance with the CFPB Privacy Guidance.
---------------------------------------------------------------------------

    \129\ 12 CFR 1003.4(a)(28).
    \130\ 84 FR at 663.
---------------------------------------------------------------------------

    Combined Loan-to-Value (CLTV): CLTV is a new HMDA data element that 
indicates the ratio at origination of the total amount of debt secured 
by the property to the value of the property relied on in making the 
credit decision (discussed above), disclosed as a percentage.\131\ The 
Enterprises collect this data element as LTV or CLTV where available. 
LTV or CLTV will be disclosed without modification in the PUDB 
Multifamily Census Tract File, without disclosing whether the value is 
CLTV or LTV, in conformance with the CFPB Privacy Guidance.\132\
---------------------------------------------------------------------------

    \131\ 12 CFR 1003.4(a)(24). Some multifamily CTLV data reported 
by the Enterprises may reflect multiple loans and/or multiple 
properties.
    \132\ 84 FR at 656.
---------------------------------------------------------------------------

    Interest Rate: Interest Rate is a new HMDA data element that 
reports the actual note rate on the loan as a percentage to at least 
three decimal places.\133\ The Enterprises collect this data element. 
Interest Rate will be disclosed in the PUDB Multifamily Census Tract 
File without modification, in conformance with the CFPB Privacy 
Guidance.\134\
---------------------------------------------------------------------------

    \133\ 12 CFR 1003.4(a)(21); CFPB, 2018 Reportable HMDA Data: A 
Regulatory and Reporting Overview Reference Chart at 27, https://files.consumerfinance.gov/f/documents/201710_cfpb_reportable-hmda-data_regulatory-and-reporting-overview-reference-chart.pdf (Aug. 31, 
2018).
    \134\ 84 FR at 656.
---------------------------------------------------------------------------

    Non-Amortizing Features: Non-Amortizing Features is a new HMDA data 
element that indicates whether the loan has non-amortizing loan 
features, including Balloon Payment, Interest-Only Payments, Negative 
Amortization, or Other Non-Amortizing Feature.\135\

[[Page 34205]]

The Enterprises indicated that they collect the same HMDA data values 
for this data element. Accordingly, Non-Amortizing Features will be 
disclosed without modification in the PUDB Multifamily Census Tract 
File, in conformance with the CFPB Privacy Guidance.\136\
---------------------------------------------------------------------------

    \135\ 12 CFR 1003.4(a)(27).
    \136\ 84 FR at 656.
---------------------------------------------------------------------------

    Multifamily Affordable Units: Multifamily Affordable Units is a new 
HMDA data element that indicates the exact number of individual 
dwelling units related to the property that are income-restricted under 
federal, state, or local affordable housing programs.\137\ The 
Enterprises indicated that they collect this data. Multifamily 
Affordable Units will be disclosed as a percentage of total units in 
the PUDB Multifamily Census Tract File, in conformance with the CFPB 
Privacy Guidance.\138\
---------------------------------------------------------------------------

    \137\ 12 CFR 1003.4(a)(32).
    \138\ 84 FR at 666-667.
---------------------------------------------------------------------------

    Loan Amount (Note Amount): Loan Amount is a modified HMDA data 
element that identifies the Note Amount and the UPB at the time of 
purchase (discussed below in Section II.C.2.i.). The Enterprises 
collect both data element values. The current PUDB Multifamily Census 
Tract File does not include Note Amount. A new data element for Note 
Amount that will identify the amount to be repaid as disclosed on the 
legal obligation will be added to the PUDB Multifamily Census Tract 
File. Note Amount will be disclosed as the midpoint of the $10,000 
interval in which the actual amount falls, in conformance with the CFPB 
Privacy Guidance.\139\
---------------------------------------------------------------------------

    \139\ 84 FR at 661.
---------------------------------------------------------------------------

    Loan Purpose (Cash-Out Refinancing): Loan Purpose is a modified 
HMDA data element that indicates whether the loan was for Purchase, 
Refinancing, Home Improvement, Cash-Out Refinancing, or Other. The 
Regulation C amendments added the values for Cash-Out Refinancing \140\ 
and Other. (The other Loan Purpose values are discussed separately 
below in Section II.C.2.ii.). Fannie Mae indicated that it collects 
Cash-Out Refinancing for multifamily loans, but Freddie Mac indicated 
that it does not. Cash-Out Refinancing will be added without 
modification to the PUDB Multifamily Census Tract File as a value for 
Loan Purpose, in conformance with the CFPB Privacy Guidance.\141\
---------------------------------------------------------------------------

    \140\ 12 CFR 1003.4(a)(3). ``Cash-Out Refinancing'' is defined 
as a loan that ``the institution considered to be a cash-out 
refinancing in processing the application or setting the terms (such 
as the interest rate or origination charges) under its guidelines or 
an investor's guidelines.'' Official Interpretations, comment 
4(a)(3)-2.
    \141\ 84 FR at 656.
---------------------------------------------------------------------------

    Construction Method: Construction Method is a new HMDA data element 
that discloses some of the same information as the former HMDA Property 
Type.\142\ Construction Method indicates whether the property is Site 
Built or a Manufactured Home. In the multifamily context, Manufactured 
Home refers to manufactured home communities.\143\ Construction Method 
is collected by the Enterprises but is not currently disclosed in the 
Multifamily PUDB. Construction Method will be disclosed without 
modification in the PUDB Multifamily Census Tract File, in conformance 
with the CFPB Privacy Guidance.\144\
---------------------------------------------------------------------------

    \142\ 12 CFR 1003.4(a)(5) and (31).
    \143\ Official Interpretations, comment 4(a)(5)-2.
    \144\ 84 FR at 656.
---------------------------------------------------------------------------

    Loan Term: Loan Term is a new HMDA data element that indicates the 
number of months until the loan reaches maturity.\145\ For purchased 
loans, Loan Term is measured from origination.\146\ Loan Term will be 
disclosed without modification in the PUDB Multifamily Census Tract 
File, in conformance with the CFPB Privacy Guidance.\147\ Previously, 
Loan Term had been withheld from the PUDB on proprietary grounds.
---------------------------------------------------------------------------

    \145\ 12 CFR 1003.4(a)(25).
    \146\ Official Interpretations, comment 4(a)(25)-3.
    \147\ 84 FR at 656.
---------------------------------------------------------------------------

2. HMDA Multifamily Data Elements Already in the PUDB
i. Disclosure Changes in the PUDB
    The multifamily data elements listed below were previously withheld 
from the PUDB or disclosed in the PUDB with proprietary protections, 
but were defined by the Regulation C amendments as HMDA data elements 
in 2018 and must now be disclosed.\148\ The data elements previously 
disclosed only in the National File that must now be disclosed in the 
Census Tract File will continue to be disclosed in the National File as 
well as being added to the Census Tract File. All of the data elements 
will be modified as appropriate in the PUDB to conform to the CFPB 
Privacy Guidance.
---------------------------------------------------------------------------

    \148\ 12 U.S.C. 4543(b)(2).
---------------------------------------------------------------------------

    Total Units: The Regulation C amendments added a new Total Units 
data element that discloses the number of units in ranges.\149\ The 
PUDB Multifamily National File previously included a data element 
called Total Number of Units that disclosed the actual number of units 
without modification. Because Total Number of Units is now a HMDA data 
element, it will be added to the Census Tract File. It will now be 
disclosed in the National File in ranges, rather than as the actual 
number of units as previously disclosed. This conforms to the CFPB 
Privacy Guidance, except for a minor change to the CFPB's intended 
ranges.\150\
---------------------------------------------------------------------------

    \149\ 80 FR at 66157, 66227.
    \150\ 84 FR at 666-667. FHFA's Total Units ranges will differ 
slightly from the CFPB's intended ranges. The CFPB discloses the 
number of units in the ranges 5 to 24, 25 to 49, 50 to 99, and 100 
to 149, with top-coding. FHFA will change the 25-49 and 50-99 bins 
to 25-50 and 51-99, to align with FHFA's definition of ``small 
multifamily property.'' See 12 CFR 1282.1.
---------------------------------------------------------------------------

    Action Taken Date (Loan Originated): Action Taken Date is an 
unchanged HMDA data element that reports the action, and the date that 
action was taken.\151\ For the Enterprise data and PUDB purposes, the 
relevant HMDA Action Taken Date values are Loan Originated and 
Purchased Loan (discussed below in Section II.C.2.ii.).\152\ The CFPB 
intends to withhold all Action Taken Dates from its public dataset 
since the exact dates could be used to match to other public datasets 
with individually identifying information.\153\ However, the year of 
origination or purchase can always be inferred from the CFPB's public 
dataset because it only contains loans that were originated or 
purchased in that year--e.g., the dataset with 2018 data only contains 
loans originated or purchased in 2018. The current PUDB Multifamily 
National File includes a field for Date of Mortgage Note that conforms 
with the HMDA Loan Originated value. Date of Mortgage Note is modified 
in the current PUDB to disclose whether the loan was originated in the 
same year it was acquired, or in any prior year. To conform with the 
CFPB Privacy Guidance, Date of Mortgage Note will be disclosed in the 
Census Tract File. This modification conforms with the CFPB's intended 
withholding of the actual date since the year of origination can be 
inferred from the year of the CFPB's public dataset.
---------------------------------------------------------------------------

    \151\ 12 CFR 1003.4(a)(8)(i)(A) and (ii). The PUDB combines 
Action Taken and Action Taken Date, since there is only one possible 
action by the Enterprises (purchase) but two available dates in the 
Enterprise data (origination and purchase).
    \152\ Action Taken also requires reporting actions that do not 
apply to originated loans (e.g., application denied). 12 CFR 
1003.4(a)(8)(i)(B) and (C). Since the PUDB only contains data on 
originated loans, and the Enterprises do not collect data on loans 
that were not originated, these values are not relevant.
    \153\ 84 FR at 663.
---------------------------------------------------------------------------

    Loan Amount (UPB): Loan Amount is a modified HMDA data element that 
identifies the Note Amount (discussed above in Section II.C.1.) and the 
UPB at the time of purchase.\154\ The current

[[Page 34206]]

PUDB Multifamily Census Tract File includes a data element named 
Acquisition UPB that aligns with the UPB at the time of purchase. 
Acquisition UPB was previously rounded to the nearest $1,000 in the 
PUDB. Acquisition UPB will continue to be disclosed in the Census Tract 
File, but the disclosure will be changed to the midpoint of the $10,000 
interval in which the actual amount falls, in accordance with the CFPB 
Privacy Guidance.\155\
---------------------------------------------------------------------------

    \154\ 12 CFR 1003.4(a)(7)(i). Where more than one property 
collateralizes a loan and/or loans, the acquisition UPB is allocated 
among the properties in the multifamily data collected by the 
Enterprises.
    \155\ 84 FR at 661.
---------------------------------------------------------------------------

ii. No Disclosure Changes in the PUDB
    The HMDA multifamily data elements listed below are currently 
disclosed in the PUDB Multifamily Census Tract File and were unchanged 
by the Regulation C amendments, or modified in a way that is irrelevant 
to Enterprise data. Accordingly, they will continue to be disclosed in 
the same manner in this File. No changes in reporting or disclosure are 
necessary to conform with Regulation C.
    Action Taken Date (Purchased Loan): Action Taken Date is an 
unchanged HMDA data element that indicates the action, and the date 
that action was taken.\156\ For the Enterprise data and PUDB purposes, 
the relevant HMDA Action Taken Date values are Loan Originated 
(discussed above in Section II.C.2.i.) and Purchased Loan. Action Taken 
Date for Purchased Loans is the date the loan was purchased from an 
originator.\157\ To protect borrower privacy, the CFPB intends to 
withhold this date from its public dataset, but the year of purchase 
can be inferred from the year of the dataset, which contains data on 
loans purchased in a single calendar year. Likewise, the year of 
Enterprise acquisition can be inferred from the year of the PUDB, which 
only contains data on loans acquired by the Enterprises in a single 
calendar year. Accordingly, no data elements need to be added to the 
PUDB Multifamily Census Tract File to conform with Regulation C.
---------------------------------------------------------------------------

    \156\ 12 CFR 1003.4(a)(8)(i)(A) and (ii).
    \157\ 12 CFR 1003.4(a)(8)(A).
---------------------------------------------------------------------------

    Loan Type: Loan Type is an unchanged HMDA data element that 
indicates whether the loan was insured by the Federal Housing 
Administration, guaranteed by the Department of Veterans Affairs, 
guaranteed by the Rural Housing Service or the Farm Service Agency, or 
Conventional.\158\ The current PUDB Multifamily Census Tract File 
includes a data element for Federal Guarantee which conforms with HMDA 
Loan Type. Federal Guarantee will continue to be disclosed without 
modification in the PUDB Multifamily Census Tract File, in conformance 
with the CFPB Privacy Guidance.\159\
---------------------------------------------------------------------------

    \158\ 12 CFR 1003.4(a)(2).
    \159\ 84 FR at 656.
---------------------------------------------------------------------------

    Property Location: Property Location is an unchanged HMDA element 
that indicates the State, County, and Census Tract location of the 
mortgaged property.\160\ These data values are currently disclosed 
without modification in the PUDB Multifamily Census Tract File, in 
conformance with the CFPB Privacy Guidance.\161\ They will continue to 
be disclosed in this manner in this File.
---------------------------------------------------------------------------

    \160\ 12 CFR 1003.4(a)(9)(ii).
    \161\ 84 FR at 656.
---------------------------------------------------------------------------

    Type of Purchaser: Type of Purchaser is a modified HMDA data 
element that indicates the type of purchaser for loans sold within the 
same calendar year as origination.\162\ This includes separate values 
for Fannie Mae and Freddie Mac.\163\ All Files in the current 
Multifamily PUDB include an Enterprise Flag, which is equivalent to the 
HMDA Type of Purchaser values for Fannie Mae and Freddie Mac. For 
purposes of the PUDB, the other Type of Purchaser values are not 
relevant because, by definition, all PUDB loans were purchased by the 
Enterprises. The Enterprise Flag will continue to be disclosed without 
modification in all Multifamily PUDB Files, including the Census Tract 
File.
---------------------------------------------------------------------------

    \162\ 12 CFR 1003.4(a)(11).
    \163\ See FHFA 2010 Order, 75 FR at 41186.
---------------------------------------------------------------------------

    Lien Status: Lien Status is a modified HMDA data element that 
indicates whether the property is Secured by a First Lien, or Secured 
by a Subordinate Lien.\164\ The current PUDB Multifamily Census Tract 
File discloses lien status for purchased loans without modification, in 
conformance with the CFPB Privacy Guidance, and will continue to do 
so.\165\
---------------------------------------------------------------------------

    \164\ 12 CFR 1003.4(a)(14). The CFPB modified this data element 
to include the lien status for purchased loans. 80 FR at 66201. 
Since FHFA already requires the Enterprises to report all data they 
possess, regardless of HMDA loan purchaser requirements, this 
modification does not impact the Enterprise data.
    \165\ 84 FR at 656.
---------------------------------------------------------------------------

    Loan Purpose (Purchase, Refinancing, and Home Improvement): Loan 
Purpose is a modified HMDA data element that indicates whether the loan 
was for Purchase, Refinancing, Cash-Out Refinancing, Home Improvement, 
or Other.\166\ The Loan Purpose values for Purchase, Refinancing, and 
Home Improvement are disclosed in the current PUDB Multifamily Census 
Tract File without modification, and will continue to be disclosed in 
this manner in the Census Tract File, in conformance with the CFPB 
Privacy Guidance.\167\ (The new Loan Purpose value for Cash-Out 
Refinancing is discussed separately above in Section II.C.1.)
---------------------------------------------------------------------------

    \166\ 12 CFR 1003.4(a)(3).
    \167\ 84 FR at 656.
---------------------------------------------------------------------------

3. HMDA Multifamily Data Elements Not Collected by the Enterprises and 
Not Included in the PUDB
    Based on the review of the Enterprises' data mapping submissions, 
FHFA concluded that the HMDA multifamily data elements listed below are 
not collected by the Enterprises from loan sellers, or are related to 
loan types not purchased by the Enterprises, and are, thus, not 
available for reporting. FHFA does not require the Enterprises, while 
in conservatorship, to collect data from loan sellers solely to 
populate the PUDB. Accordingly, these data elements are not available 
for inclusion in the Multifamily PUDB.
    The data elements are: Universal Loan Identifier/Legal Entity 
Identifier, Occupancy Type, Ethnicity/Race/Sex, Age, Reason for Denial, 
Total Loan Costs, Total Points and Fees, Origination Charges, Discount 
Points, Lender Credits, HOEPA Status, Introductory Rate Period, NMLSR 
ID, AUS Name, AUS Result, Reverse Mortgage, Business or Commercial 
Purpose,\168\ Open-End Line of Credit, Credit Scoring Model, 
Application Channel, and Rate Spread.
---------------------------------------------------------------------------

    \168\ Although the Enterprises do not collect any specific data 
on Regulation C's Business or Commercial Purpose data element, all 
multifamily loans are, by definition, Business or Commercial loans 
under HMDA. See Official Interpretations, comment 3(c)(10)-3(i). 
Thus, all loans in the PUDB Multifamily Files are Business or 
Commercial Purpose and no additional data element is required to be 
reported or disclosed in the PUDB.
---------------------------------------------------------------------------

4. HMDA Multifamily Data Elements Excluded From the PUDB To Protect 
Borrower Privacy
    FHFA identified three HMDA multifamily data elements that are 
collected by the Enterprises and will be wholly excluded from the 
Multifamily PUDB to protect borrower privacy, in conformance with the 
CFPB Privacy Guidance. These data elements, discussed below, are not 
currently disclosed in the Multifamily PUDB and are not required to be 
reported by the Enterprises to FHFA for PUDB purposes.\169\
---------------------------------------------------------------------------

    \169\ FHFA may, however, require the Enterprises to report these 
data elements to FHFA for other purposes.
---------------------------------------------------------------------------

    Application Date: Application Date is an unchanged HMDA data 
element that indicates the date the loan application

[[Page 34207]]

was received or the date shown on the loan application form. 
Application Date is collected by the Enterprises.\170\ Because 
Application Date presents borrower privacy concerns, the CFPB Privacy 
Guidance intends to exclude it from the CFPB's public dataset.\171\ 
Accordingly, Application Date will not be included in the Multifamily 
PUDB, in conformance with the CFPB Privacy Guidance.
---------------------------------------------------------------------------

    \170\ 12 CFR 1003.4(a)(1)(ii).
    \171\ 84 FR at 660.
---------------------------------------------------------------------------

    Property Address: Property Address is a new HMDA data element that 
indicates the address of the property securing the loan.\172\ Property 
Address is collected by the Enterprises. Because Property Address is 
uniquely identifying, the CFPB Privacy Guidance intends to exclude it 
from its public dataset.\173\ Accordingly, Property Address will not be 
included in the Multifamily PUDB, in conformance with the CFPB Privacy 
Guidance.
---------------------------------------------------------------------------

    \172\ 12 CFR 1003.4(a)(9)(i).
    \173\ 84 FR at 663.
---------------------------------------------------------------------------

    Credit Score: Credit Score is a new HMDA data element that 
indicates the credit score relied on by the lender to make the decision 
on the application.\174\ The Enterprises collect Credit Score for some 
natural person multifamily borrowers. The CFPB requires Credit Score to 
be reported, but the CFPB Privacy Guidance intends to exclude it from 
disclosure in the CFPB's public dataset.\175\ Accordingly, Credit Score 
will not be included in the Multifamily PUDB, in conformance with the 
CFPB Privacy Guidance.
---------------------------------------------------------------------------

    \174\ 12 CFR 1003.4(a).
    \175\ 84 FR at 665.
---------------------------------------------------------------------------

5. Multifamily Data Elements Exempt From HMDA
    Under Regulation C, Preapproval, Income, Debt-to-Income, 
Manufactured Home Secured Property Type, and Manufactured Home Land 
Property Interest data are not reported for multifamily loans.\176\ 
Accordingly, these are not HMDA data elements for PUDB purposes. They 
are not included in the current Multifamily PUDB and will not be added 
to the Multifamily PUDB.
---------------------------------------------------------------------------

    \176\ Official Interpretations, comment 2(n)-2.
---------------------------------------------------------------------------

IV. Duty To Serve Geographic Indicators Added to the PUDB

    FHFA's Order revises the PUDB single-family and multifamily 
matrices to add in the Census Tract Files geographic indicators that 
correspond to regions of focus under the Duty to Serve program.\177\ 
The geographic identifiers include codes for Rural, Lower Mississippi 
Delta, Middle Appalachia, Persistent Poverty County, Area of 
Concentrated Poverty, and High Opportunity Area. These codes will not 
flag individual loans purchased by the Enterprises that actually 
qualified for Duty to Serve credit, but rather whether the mortgage 
property is located in one of these geographical areas that the Duty to 
Serve regulation identifies for Enterprise efforts.
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    \177\ 12 CFR part 1282, subpart C.
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    Since the geographic indicators can already be derived from the 
census tract disclosed in the PUDB Census Tract Files and other public 
data, they will not introduce any new privacy or proprietary data 
concerns, nor will they necessitate any additional reporting by the 
Enterprises.
    The Safety and Soundness Act provides that the Director shall make 
the required PUDB data elements public in forms useful to the 
public.\178\ Adding the geographic indicators in the PUDB will provide 
greater transparency to the public about the Enterprises' Duty to Serve 
activities.
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    \178\ 12 U.S.C. 4543(a)(1).
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V. Order

    For the convenience of the affected parties, and the public, the 
Order is recited below in its entirety. The Order is also available for 
public inspection and copying at FHFA's Freedom of Information Act 
(FOIA) Reading Room at https://www.fhfa.gov/AboutUs/FOIAPrivacy/Pages/Reading-Room.aspx by clicking on ``Click here to view Orders'' under 
the Final Opinions and Orders heading.
    The text of the Orders is as follows:

Federal Housing Finance Agency

    Order Nos. 2020-OR-FNMA-2; and 2020-OR-FHLMC-2.

Revisions to Data Requirements for Enterprise Public Use Database To 
Include New Home Mortgage Disclosure Act Data Elements

    Whereas, the Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992 (Safety and Soundness Act) (12 U.S.C. 4543) 
requires the Federal Housing Finance Agency (FHFA) to make available 
annually to the public certain loan-level mortgage data elements 
related to single-family and multifamily mortgages purchased by the 
Federal National Mortgage Association (Fannie Mae) and the Federal Home 
Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) 
in a calendar year;
    Whereas, FHFA publishes annually the required Enterprise mortgage 
data elements in an Enterprise Public Use Database (PUDB);
    Whereas, the mortgage data elements for the PUDB are submitted by 
Fannie Mae and Freddie Mac to FHFA in the reports required under 
section 309(m) of the Federal National Mortgage Association Charter Act 
(12 U.S.C. 1723a(m)) and section 307(e) of the Federal Home Loan 
Mortgage Corporation Act (12 U.S.C. 1456(e)), respectively, and in 
other submissions to FHFA;
    Whereas, the Safety and Soundness Act (12 U.S.C. 4543(a)(2), 
4546(d)(1)) further provides that the mortgage data elements must 
include data elements that are the same as those required to be 
reported under the Home Mortgage Disclosure Act of 1975 (HMDA) (12 
U.S.C. 2801 et seq.), which must be made available to the public at the 
census tract level, subject to privacy considerations, as described in 
section 304(j) of HMDA (12 U.S.C. 2803(j)), and thus may not be 
withheld from public disclosure notwithstanding any Enterprise 
proprietary interests;
    Whereas, in 2015, the Consumer Financial Protection Bureau (CFPB) 
added new definitions for HMDA data elements in amendments to 
Regulation C (12 CFR part 1003), which took effect on January 1, 2018 
for mortgages originated in 2018 and thereafter;
    Whereas, as a result of the Regulation C amendments, any new data 
elements collected by the Enterprises that conform to the new HMDA 
definitions in Regulation C must be added to the PUDB;
    Whereas, FHFA identified the data elements collected by the 
Enterprises in 2018 that conform to the new HMDA definitions in 
Regulation C that are of appropriate data quality for public 
disclosure;
    Whereas, section 304(j)(2)(B) of HMDA (12 U.S.C. 2803(j)(2)(B)) 
provides that the CFPB shall protect any privacy interest of borrowers 
in the release of HMDA data elements, and the CFPB has issued privacy 
guidance to implement the HMDA statutory privacy requirements (84 FR 
649 (Jan. 31, 2019));
    Whereas, pursuant to the requirement under the Safety and Soundness 
Act to consider the HMDA privacy requirements for HMDA data elements 
published in the PUDB, FHFA is following the CFPB privacy guidance for 
all of the HMDA data elements in the PUDB, with one minor change to the 
manner of disclosure of multifamily Total Units;
    Whereas, pursuant to the Safety and Soundness Act (12 U.S.C. 
4543(a)(1)), the Director shall make the required data elements public 
in forms useful to the public, and has determined that

[[Page 34208]]

adding certain geographic indicators that correspond to certain regions 
of focus under the Enterprise Duty to Serve program (12 CFR part 1282, 
subpart C) will help provide greater transparency to the public about 
the Enterprises' Duty to Serve activities;
    Whereas, to comply with the Safety and Soundness Act, it is 
necessary for FHFA to make changes to the data fields in the single-
family and multifamily matrices of the PUDB, which set forth the data 
required to be submitted for the PUDB and the privacy and proprietary 
modifications to that data, as directed in this Order;
    Now, therefore, it is hereby ordered as follows:
    1. The data fields in the single-family and multifamily matrices of 
the PUDB are revised as set forth in the matrices published on the FHFA 
website at https://www.fhfa.gov/DataTools/Downloads/Pages/Public-Use-Databases.aspx, which are incorporated herein by reference, to include:
    (a) The data elements that are the same as those required to be 
reported under HMDA, pursuant to 12 U.S.C. 4543(a)(2) and 4546(d)(1), 
except for certain newly collected data elements that require further 
analysis to ensure data quality before inclusion in the PUDB;
    (b) Revised proprietary and privacy protections, including the 
disclosure of data elements previously withheld or modified on 
proprietary grounds that are no longer eligible for proprietary 
protection under 12 U.S.C. 4543(b)(2); and
    (c) Certain Duty to Serve geographic indicators;
    2. The Enterprises shall provide to FHFA the mortgage data elements 
required to populate the data fields described in the single-family and 
multifamily matrices for inclusion in the 2018 PUDB no later than four 
weeks from the date of this Order, pursuant to instructions issued by 
FHFA staff, and shall provide such data elements annually thereafter to 
FHFA for future PUDBs in accordance with applicable FHFA regulations 
and any additional instructions issued by FHFA staff;
    3. This Order modifies the FHFA Order on the Public Use Database 
for Enterprise Mortgage Purchases, dated July 1, 2010 (75 FR 41180, 
41189) (July 15, 2010), and the FHFA Order on Revisions to Enterprise 
Public Use Database Incorporating High-Cost Single-Family Securitized 
Loan Data Fields and Technical Data Field Changes, dated Sept. 21, 2011 
(76 FR 60031, 60036) (Sept. 28, 2011); and
    4. A new 2018 PUDB shall be released by FHFA containing the data 
elements for loans acquired by the Enterprises in 2018 added by this 
Order, replacing the interim PUDB released on September 23, 2019, which 
does not include the new HMDA data elements or Duty to Serve geographic 
indicators.
    It is so ordered, this the 27th day of May, 2020.
    This Order is effective immediately.

    Signed at Washington, DC, this 27th day of May, 2020.
Mark A. Calabria,
Director, Federal Housing Finance Agency.
[FR Doc. 2020-11819 Filed 6-2-20; 8:45 am]
 BILLING CODE 8070-01-P