Home Mortgage Disclosure Act Policy (HMDA)

This is a policy guide to comply with the Home Mortgage Disclosure Act (HMDA). This is a separate policy guide. Once purchased this guide will be customized to your specifications. You will receive an immediate invoice with a download link to a questionnaire with some simple questions to answer and receive your customized guide within 24-48 hours. This is written for independent mortgage bankers but can be customized for depository financial institutions and credit unions. 

Table of Contents

Home Mortgage Disclosure Act Policy

• Purpose
• Scope

HMDA Applicability

• Loan Excluded from HMDA Reporting

HMDA Processes

• Data Scrubbing
• Revised LAR Filing

Data Collection

• Purchased and Repurchased Loans
• Reporting Multiple Applicant/Borrowers
• Originated Loans and Applications Receiving Adverse Action
• Legal Entity Identifier (LEI)
• Universal Loan Identifier (ULI)
• Non-Universal Loan Identifier (NULI)
• Application Date
• Loan Type
• Loan Purpose
• Preapprovals
• Construction Method
• Occupancy Type
• Loan Amount
• Action Taken
• Action Taken Date
• Property Location
• Demographic Information
• Age
• Income
• Type of Purchaser
• Rate-Spread
• HOEPA Loans
• Lien Status
• Credit Score & Credit Scoring Model
• Denial Reason(s)
• Loan Costs and Credits
• Interest Rate
• Prepayment Penalty
• Debt-to-Income Ratio
• Combined Loan-to-Value
• Loan Term
• Introductory Rate Period
• Non-Amortizing Features
• Property Value
• Manufactured Home Property Type
• Manufactured Home Security Interest
• Number of Units
• Multifamily Affordable Housing Units
• Submitted Directly to Us
• Initially Payable to US
• Loan Originator NMLSR ID
• Automated Underwriting System
• Reverse Mortgage
• Open-End Line of Credit (HELOC)
• Business or Commercial Purpose

Counteroffers

Purchased and Repurchased Loans

• Universal Loan Identifier
• Loan Amount
• Action Taken & Action Taken Date
• Loan Purpose
• Type of Purchaser
• Other Data Fields

Collection of Demographic Information

• Multiple Selections by Applicant(s)

LAR Edit Checks

• Testing of LAR Data
• Quality Edits

LAR Formatting & Reporting

• Row 1
• Row 2
• Reporting
• Revised LAR Filing

Public Access & Disclosure

Use of Home Mortgage Disclosure Act (HMDA) Data

• Self-Testing (Fair Lending)

Record Retention

Appendix A - Definitions

• Application
• Average Prime Offer Rate
• Check Digit
• Closed-end Mortgage Loan
• Covered Loan
• Disclosure Script (For Demographic Information data collection)
• Dwelling
• Financial Institution
• Home Improvement Loan
• Home Purchase Loan
• Loan/Application Register (LAR)
• Manufactured Home
• Metropolitan Statistical Area (MSA) and Metropolitan Division (MD)
• Multifamily Dwelling
• Open-End Line of Credit
• Preapproval Program
• Rate Spread
• Refinancing
• Reverse Mortgage
• Temporary Financing