WASHINGTON—The CFPB has released the filing instructions guide for data collected in 2021 – to be reported in 2022 – under the Home Mortgage Disclosure Act (HMDA).
The guide breaks down the submission process, file specifications, data specifications, and edits that have been made from the 2020 guide.
In addition to the filing guide, the Bureau also released an updated supplemental guide for quarterly filers. Financial institutions that report for the preceding calendar year at least 60,000 covered loans and applications must report their HMDA data quarterly in addition to annually, NAFCU noted.
In April, the CFPB issued its final rule to increase the reporting threshold for closed-end dwelling secured loans from 25 loans in the preceding two calendar years to 100 loans. This change took effect July 1.
In addition, the rule increases the threshold for reporting open-end lines of credit, including home equity lines of credit (HELOCs), from the original threshold of 100 loans in the 2015 rule to 200 loans effective Jan. 1, 2022. Until the new threshold takes effect, the temporary threshold of 500 open-end lines of credit, which was extended until 2022 in October, will remain in place.