ALEXANDRIA, Va.— NCUA has issued a Regulatory Alert to provide information on which credit unions must comply with the Home Mortgage Disclosure Act (HMDA) reporting requirements under the CFPB’s Regulation C.
NCUA noted credit unions must collect HMDA data associated with mortgage loan applications processed during 2024 if the credit union meets the four following criteria:
- Total assets as of Dec. 31, 2023, exceeded $56 million
- A home or branch office in a Metropolitan Statistical Area on Dec. 31, 2023
- 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 2023
- Originated at least 25 covered closed-end mortgage loans in each of the two preceding calendar years (2022 and 2023) or at least 200 covered open-end lines of credit in each of the two preceding calendar years (2022 and 2023)
The Regulatory Alert also provides additional resources.
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