ALEXANDRIA, Va.–NCUA has sent a Regulatory Alert to credit unions regarding Home Mortgage Disclosure Act data collection requirements in 2023.
The Alert applies to all credit unions that make residential mortgage loans that meet four criteria, and reminds that those CUs must comply with the Consumer Financial Protection Bureau’s (CFPB) Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).
The Criteria
Regulation C requires credit unions to collect HMDA data associated with mortgage loan applications processed during 2023 if:
- A credit union’s total assets as of Dec. 31, 2022, exceeded $54 million
- A credit union had a home or branch office in a Metropolitan Statistical Area on Dec. 31, 2022
- A credit union originated at least one home purchase loan (other than temporary financing such as a construction loan) or refinanced a home purchase loan, secured by a first lien on a one-to-four-unit dwelling during 2022
- A credit union originated at least 25 covered closed-end mortgage loans in each of the two preceding calendar years (2021 and 2022) or at least 200 covered open-end lines of credit in each of the two preceding calendar years (2021 and 2022).
The full alert can be found here.
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