Home Mortgage Disclosure Act 1 - Federal Deposit
V. Lending — HMDAHome Mortgage Disclosure Act 1BackgroundThe Home M ortgage Disclosure Act requires certain financialinstitutions to collect, report, and disclose information abouttheir mortgage lending activity. HM DA was originallyenacted by the Congress in 1975 and is implemented byRegulation C (12 CFR Part 1003).HM DA was enacted given public concern over creditshortages in certain neighborhoods. In particular, Congressbelieved that some financial institutions had contributed to thedecline of various geographic areas through their failure toprovide adequate home financing to qualified applicants onreasonable terms and conditions. Thus, one statutory purposeof HM DA is to provide the public with information that willhelp show whether financial institutions are serving thehousing credit needs of the communities and neighborhoods inwhich they are located. A second statutory purpose is to aidpublic officials in distributing public sector investment so as toattract private investment to areas where it is needed. Finally,the Financial Institutions Reform, Recovery, and EnforcementAct of 1989 (FIRREA) amended HM DA to require thecollection and disclosure of data about applicant and borrowercharacteristics to assist in identifying possible discriminatorylending patterns and enforcing antidiscrimination statutes.As the name implies, HM DA is a disclosure law that reliesupon public scrutiny for its effectiveness. It does not prohibitany specific activity of lenders, and it does not establish aquota system of mortgage loans to be made in any geographicarea.Between 1988 and 1992, Congress amended HM DA’scoverage. Coverage was expanded in the FIRREAamendments to include many independent nondepositorymortgage lenders, in addition to the previously covered banks,savings associations, and credit unions. Coverage ofindependent mortgage bankers was further expanded by theFederal Deposit Insurance Corporation Improvement Act of1991 HM DA amendments. For a more detailed discussion ofthe history of HM DA, see the Federal Financial InstitutionsExamination Council’s (FFIEC) website atwww.ffiec.gov/hmda/history2.htm.Prior to the Dodd-Frank Wall Street Reform and ConsumerProtection Act of 2010 (Dodd-Frank Act), HM DA requiredfinancial institutions to report data regarding applications, loanoriginations, and loan purchases, as well as certain requests112 USC 2801–2810. The HMDA Interagency Examination P rocedures coverHMDA data collected in or after 2018, that is, for loans and applications forwhich final action was taken in or after 2018.2In December 2011, the Bureau restated the FRB’ s existing Regulation C at 12CFR 1003. See 76 Fed. Reg. 78465 (Dec. 19, 2011).380 Fed. Reg. 66128 (Oct. 28, 2015).FDIC Consumer Compliance Examination Manual — July 2021under a pre-approval program (as defined in Regulation C).HM DA also required financial institutions to report certainapplicant and borrower demographic data, such as ethnicity,race, gender, and gross income. In addition, the reporting ofcertain pricing information and the type of purchaser wasrequired. Data was reported in a “register” reporting format,compiled by supervisory agencies, and disclosed to the public.The Dodd-Frank Act amended HM DA to, among other things,require reporting of additional data points, transfer HM DArulemaking authority from the Board of Governors of theFederal Reserve System (FRB) to the Consumer FinancialProtection Bureau (Bureau), and provide the Bureau withauthority to mandate collection, recording, and reporting ofsuch other information as the Bureau may require. 2 In August2014, the Bureau proposed amendments to Regulation C toimplement the Dodd-Frank Act changes; to require collection,recording, and reporting of additional information to furtherHM DA’s purposes; and to modernize the manner in whichcovered financial institutions report HMDA data. The Bureaupublished a final rule amending Regulation C in October 2015(2015 HM DA Rule). 3 The Bureau published a final rulefurther amending Regulation C in September 2017 to facilitateimplementation of the 2015 HM DA Rule (2017 HM DARule). 4Beginning in 2018, as discussed further below, the 2015HM DA Rule requires that financial institutions continue toreport data regarding applications, loan originations, and loanpurchases. The Bureau’s 2015 HM DA Rule changed: (1) thedefinition of a financial institution that is subject to RegulationC; (2) the types of transactions that are subject to RegulationC; (3) the data that financial institutions are required to collect,record, and report pursuant to Regulation C; and (4) theprocesses for reporting and disclosing HM DA data. The dataare submitted electronically to the Bureau on behalf of theappropriate Federal agency associated with the reporter, andmost of the data are made available to the public on both anaggregate and a loan-level basis. 5On M ay 24, 2018, the President signed the Economic Growth,Regulatory Relief, and Consumer Protection Act (2018 Act)into law. 6 Effective M ay 24, 2018, Section 104(a) of the 2018Act created partial exemptions from some of HM DA’srequirements for certain covered institutions. On August 31,2018, the Bureau issued an interpretive and procedural rule(2018 HM DA Rule) to implement and clarify Section 104(a)482 Fed. Reg. 43088 (Sept. 13, 2017).Information about the HMDA P latform through which financial institutionssubmit HMDA data to the Bureau to be processed and disclosed is availableat https://ffiec.cfpb.gov/.6P ub. L. 115-174, 132 Stat. 1296 (2018), Section 104(a) (codified at 12 USC2803).5V–9.1
V. Lending — HMDAof the 2018 Act (2018 HM DA Rule). The 2018 HM DA Rulewas published in the Federal Register on September 7, 2018. 7On April 16, 2020, the Bureau issued a final rule to increasethe coverage threshold related to closed-end mortgage loanactivity, among other changes (2020 HM DA Rule). The 2020HM DA Rule was published in the Federal Register on M ay12, 2020. 8 Effective July 1, 2020, the origination threshold forcoverage with respect to closed-end mortgage loans increasedfrom at least 25 originations to at least 100 originations in eachof the preceding two calendar years.The Federal supervisory agencies use HM DA data to support avariety of activities. 9 For example, some Federal supervisoryagencies use HM DA data as part of their fair lendingexamination process, and other agencies use HM DA data inconducting Community Reinvestment Act (CRA) performanceevaluations. 10 M oreover, HM DA disclosures provide thepublic with information on the home mortgage lendingactivities of particular reporting entities and on activity in theircommunities. These disclosures are used by local, State, andFederal officials to evaluate housing trends and issues and bycommunity organizations to monitor financial institutionlending patterns. Because HM DA data serve numerousimportant purposes, validating the accuracy of HM DA data isa key element of the Federal supervisory agencies’examination activities.Institutional Coverage TestsDepository Financial InstitutionsA bank, savings association, or credit union is a depositoryfinancial institution and subject to Regulation C if it meetsALL of the following:1.2.CoverageA. Institutional CoverageInstitutional Coverage GenerallyAn institution is required to comply with Regulation C only ifit is a financial institution as that term is defined in RegulationC. The definition of financial institution includes bothdepository financial institutions and nondepository financialinstitutions, as those terms are separately defined inRegulation C. 12 CFR 1003.2(g).An institution uses these two definitions, which are outlinedbelow, as coverage tests to determine whether it is a financialinstitution that is required to comply with Regulation C. Forthe purpose of these examination procedures, the termfinancial institution refers to an institution that is either adepository financial institution or a nondepository financialinstitution that is subject to Regulation C.7883 Fed. Reg. 45325 (Sept. 7, 2018).85 Fed. Reg. 28364 (May 12, 2020).V–9.23.4.9Asset-S ize Threshold. On the preceding December 31,the bank, savings association, or credit union had assets inexcess of the asset-size threshold published annually inthe Federal Register, as included in the OfficialInterpretations, 12 CFR Part 1003, Comment 2(g)-2, andposted on the Bureau’s website. 12 CFR 1003.2(g)(1)(i).The phrase “preceding December 31” refers to theDecember 31 immediately preceding the current calendaryear. For example, in 2019, the preceding December 31is December 31, 2018. Comment 2(g)-1.Location Test. On the preceding December 31, the bank,savings association, or credit union had a home or branchoffice located in a metropolitan statistical area (M SA). 12CFR 1003.2(g)(1)(ii).For purposes of this location test, a branch office for abank, savings association, or credit union is an office: (a)of the bank, savings association, or credit union (b) that isconsidered a branch by the institution’s Federal or Statesupervisory agency. For purposes of Regulation C, anautomated teller machine or other free-standing electronicterminal is not a branch office regardless of whether thesupervisory agency would consider it a branch. 12 CFR1003.2(c)(1). A branch office of a credit union is anyoffice where member accounts are established or loansare made, whether or not a Federal or State agency hasapproved the office as a branch. Comment 2(c)(1)-1.Loan-Activity Test. During the preceding calendar year,the bank, savings association, or credit union originated atleast one home purchase loan or refinancing of a homepurchase loan secured by a first lien on a one-to-four-unitdwelling. 12 CFR 1003.2(g)(1)(iii). For moreinformation on whether a loan is secured by a dwelling, isa home purchase loan, or is a refinancing, see 12 CFR1003.2(f), (j), and (p) and associated commentary.Federally Related Test. The bank, savings association,or credit union:a. Is federally insured; orb. Is federally regulated; orc. Originated at least one home purchase loan orrefinancing of a home purchase loan that was securedby a first lien on a one-to-four-unit dwelling and also(i) was insured, guaranteed, or supplemented by aFederal agency or (ii) was intended for sale to the15 USC 1691–1691f, 42 USC 3605, and 12 CFR 1002.12 USC 2901–2908, and 12 CFR 25, 195, 228, and 345.10FDIC Consumer Compliance Examination Manual — July 2021
V. Lending — HMDAFederal National M ortgage Association (Fannie M ae)or the Federal Home Loan M ortgage Corporation(Freddie M ac). 12 CFR 1003.2(g)(1)(iv).5. Loan-Volume Thresholds. The bank, savingsassociation, or credit union meets or exceeds either theclosed-end mortgage loan or the open-end line of creditloan-volume threshold in each of the two precedingcalendar years.A bank, savings association, or credit union thatoriginated at least 100 closed-end mortgage loans in eachof the two preceding calendar years, or originated at least500 open-end lines of credit in each of the two precedingcalendar years meets or exceeds the loan-volumethreshold.When the bank, savings association, or credit uniondetermines whether it meets these loan-volume thresholds, itdoes not count transactions excluded by 12 CFR 1003.3(c)(1)through (10) and (13). 12 CFR 1003.2(g)(1)(v). Closed-endmortgage loans, open-end lines of credit, and these excludedtransactions are discussed below in T RANSACTIONALCOVERAGE .When determining if it meets the loan-volume thresholds, abank, savings association, or credit union only counts closedend mortgage loans and open-end lines of credit that itoriginated. Only one institution is deemed to have originated aspecific closed-end mortgage loan or open-end line of creditunder Regulation C, even if two or more institutions areinvolved in the origination process. Only the institution that isdeemed to have originated the transaction under Regulation Ccounts it for purposes of the loan-volume threshold. Comment2(g)-5; see also comments 4(a)-2 through -4. Theserequirements are discussed below in T RANSACTIONSINVOLVING M ULTIP LE ENTITIES.Regulation C also includes a separate test to ensure thatfinancial institutions that meet only the closed-end mortgageloan threshold are not required to report their open-end lines ofcredit, and that financial institutions that meet only the openend line of credit threshold are not required to report theirclosed-end mortgage loans. 12 CFR 1003.3(c)(11) and (12).Nondepository Financial InstitutionsUnder Regulation C, a for-profit mortgage-lending institutionother than a bank, savings association, or credit union is anondepository financial institution and subject to Regulation Cif it meets BOTH of the following:1.Location Test. The institution had a home or branchoffice in a metropolitan statistical area (M SA) on thepreceding December 31. 12 CFR 1003.2(g)(2)(i). Thephrase “preceding December 31” refers to the December31 immediately preceding the current calendar year. ForFDIC Consumer Compliance Examination Manual — July 20212.example, in 2019, the preceding December 31 isDecember 31, 2018. Comment 2(g)-1.For purposes of this location test, a branch office of anondepository financial institution is any one of theinstitution’s offices at which the institution takes from thepublic applications for covered loans. A nondepositoryfinancial institution is also deemed to have a branch officein an M SA or metropolitan division (M D) if, in thepreceding calendar year, it received applications for,originated, or purchased five or more covered loansrelated to property located in that M SA or M D, even if itdoes not have an office in that M SA. 12 CFR1003.2(c)(2). Covered loans and applications for coveredloans are discussed below in T RANSACTIONAL COVERAGE .Loan-Volume Thresholds. The institution meets orexceeds either the closed-end mortgage loan threshold orthe open-end line of credit threshold in each of the twopreceding calendar years. An institution that originated at least 100 closed-endmortgage loans in each of the two preceding calendaryears, or originated at least 500 open-end lines of credit ineach of the two preceding calendar years meets orexceeds the loan-volume threshold.When an institution determines whether it meets the loanvolume thresholds, it does not count transactions excluded by12 CFR 1003.3(c)(1) through (10) and (13). 12 CFR1003.2(g)(2)(ii). Closed-end mortgage loans, open-end linesof credit, and these excluded transactions are discussed belowin T RANSACTIONAL COVERAGE .When determining if it meets the loan-volume thresholds, aninstitution only counts closed-end mortgage loans and openend lines of credit that it originated. Only one institution isdeemed to have originated a specific closed-end mortgage loanor open-end line of credit under Regulation C, even if two ormore institutions are involved in the origination process. Onlythe institution that is deemed to have originated the transactionunder Regulation C counts it for purposes of the loan-volumethreshold. Comment 2(g)-5. See also comments 4(a)-2through -4. These requirements are discussed below inT RANSACTIONS WITH M ULTIP LE ENTITIES.Regulation C also includes a separate test to ensure thatfinancial institutions that meet only the closed-end mortgageloan threshold are not required to report their open-end lines ofcredit, and that financial institutions that meet only the openend line of credit threshold are not required to report theirclosed-end mortgage loans. 12 CFR 1003.3(c)(11)–(12).B. Exemptions Based on S tate LawRegulation C provides that financial institutions may apply foran exemption from coverage. Specifically, the Bureau mayexempt a State-chartered or State-licensed financial institutionif the Bureau determines that the financial institution is subjectV–9.3
V. Lending — HMDAto a State disclosure law that contains requirementssubstantially similar to those imposed by Regulation C andadequate enforcement provisions. Any State-licensed or Statechartered financial institution or association of suchinstitutions may apply to the Bureau for an exemption. Anexempt institution shall submit the data required by State lawto its State supervisory agency. 12 CFR 1003.3(a). Afinancial institution that loses its exemption must comply withRegulation C beginning with the calendar year following theyear for which it last reported data under the State disclosurelaw. 12 CFR 1003.3(b).C. Transaction CoverageA financial institution is required to collect, record, and reportinformation only for transactions that are subject to RegulationC.Covered LoansA covered loan can be either a closed-end mortgage loan or anopen-end line of credit, but an excluded transaction cannot bea covered loan. 12 CFR 1003.2(e).To determine if a transaction is subject to Regulation C, afinancial institution should first determine whether the loan orline of credit involved in the transaction is either a closed-endmortgage loan or an open-end line of credit. See CLOSED -ENDM ORTGAGE LOANS AND OP EN -END LINES OF CREDIT, below.If the loan or line of credit is neither a closed-end mortgageloan nor an open-end line of credit, the transaction does notinvolve a covered loan, and the financial institution is notrequired to report information related to the transaction. If theloan or line of credit is either a closed-end mortgage loan or anopen-end line of credit, the financial institution mustdetermine if the closed-end mortgage loan or open-end line ofcredit is an excluded transaction. See EXCLUDEDT RANSACTIONS, below. If the closed-end mortgage loan or theopen-end line of credit is an excluded transaction, it is not acovered loan, and the financial institution is not required toreport information related to the transaction. If the loan or lineof credit is a closed-end mortgage loan or an open-end line ofcredit and is not an excluded transaction, the financialinstitution may be required to report information related to thetransaction. See REP ORTABLE ACTIVITY , below.Closed-End Mortgage Loans and Open-End Lines of CreditA closed-end mortgage loan is:1. An extension of credit;2. Secured by a lien on a dwelling; and3.Not an open-end line of credit. 12 CFR 1003.2(d).An open-end line of credit is:1.2.3.An extension of credit;Secured by a lien on a dwelling; andAn open-end credit plan for which:a. The lender reasonably contemplates repeatedtransactions;b. The lender may impose a finance charge from timeto-time on an outstanding unpaid balance; andc. The amount of credit that may be extended to theborrower during the term of the plan (up to any limitset by the lender) is generally made available to theextent that any outstanding balance is repaid. 12CFR 1003.2(o); 12 CFR 1026.2(a)(20).Financial institutions may rely on Regulation Z, 12 CFR1026.2(a)(20), and its official commentary when determiningwhether a transaction is extended under a plan for which thelender reasonably contemplates repeated transactions, thelender may impose a finance charge from time-to-time on anoutstanding unpaid balance, and the amount of credit that maybe extended to the borrower during the term of the plan isgenerally made available to the extent that any outstandingbalance is repaid.A business-purpose transaction that is exempt from RegulationZ but is otherwise open-end credit under Regulation Z, 12CFR 1026.2(a)(20), would be an open-end line of credit underRegulation C if it is an extension of credit secured by a lien ona dwelling and is not an excluded transaction. Comment 2(o)1.Extension of CreditA closed-end loan or open-end line of credit is not a closedend mortgage loan or an open-end line of credit underRegulation C unless it involves an extension of credit.Individual draws on an open-end line of credit are not separateextensions of credit. Comment 2(o)-2.Under Regulation C, 11 an “extension of credit” generallyrequires a new debt obligation. Comment 2(d)-2. Thus, forexample, a loan modification where the existing debtobligation is not satisfied and replaced is not generally acovered loan (i.e., closed-end mortgage loan or open-end lineof credit) under Regulation C. Except as described below, if atransaction modifies, renews, extends, or amends the terms ofan existing debt obligation, but the existing debt obligation isnot satisfied and replaced, the transaction is not a coveredloan.11It is important to note that Regulation C, comments 2(d)-2 and 2(o)-2,defines the phrase “ extension of credit” differently than Regulation B, 12CFR P art 1002.2(q).V–9.4FDIC Consumer Compliance Examination Manual — July 2021
V. Lending — HMDARegulation C provides two narrow exceptions to therequirement that an “extension of credit” involve a new debtobligation. The exceptions are designed to capturetransactions that are substantially similar to new debtobligations and should be treated as such.First, assumptions are extensions of credit under Regulation C.A loan assumption is a transaction in which a financialinstitution enters into a written agreement accepting a newborrower in place of an existing borrower as the obligor on anexisting debt obligation. Regulation C clarifies thatassumptions include successor-in-interest transactions inwhich an individual succeeds the prior owner as the propertyowner and then assumes the existing debt secured by theproperty. Assumptions are extensions of credit even if thenew borrower merely assumes the existing debt obligation andno new debt obligation is created. Comment 2(d)-2.i.Second, Regulation C provides that transactions completedpursuant to a New York State consolidation, extension, andmodification agreement (New York CEM A) and classified asa supplemental mortgage under New York Tax Law Section255, such that the borrower owes reduced or no mortgagerecording taxes, is an extension of credit. However, theregulation also provides that certain transactions providingnew funds that are consolidated into a New York CEM A areexcluded from the HM DA reporting requirements. Comment2(d)-2.ii; 12 CFR 1003.3(c)(13).Secured by a Lien on a DwellingA loan is not a closed-end mortgage loan and a line of credit isnot an open-end line of credit unless it is secured by a lien on adwelling. A dwelling is a residential structure. There is norequirement that the structure be attached to real property orthat it be the applicant’s or borrower’s residence. Examples ofdwellings include:1.2.3.Principal residences;Second homes and vacation homes;Investment properties;4.Residential structures whether or not attached to realproperty;Detached residential structures;Individual condominium and cooperative units;M anufactured homes or other factory-built homes; and5.6.7.8.M ultifamily residential structures or communities, such asapartment buildings, condominium complexes,cooperative buildings or housing complexes, andmanufactured home communities. 12 CFR 1003.2(f);comments 2(f)-1 and -2.A dwelling is not limited to a structure that has four or fewerunits. It also includes a multifamily dwelling, which is adwelling that includes five or more individual dwelling units.FDIC Consumer Compliance Examination Manual — July 2021A multifamily dwelling includes a manufactured homecommunity.A loan related to a manufactured home community is securedby a dwelling even if it is not secured by any individualmanufactured homes, but is secured only by the land thatconstitutes the manufactured home community. However, aloan related to a multifamily residential structure orcommunity other than a manufactured home community is notsecured by a dwelling unless it is secured by one or moreindividual dwelling units. For example, a loan that is securedonly by the common areas of a condominium complex or onlyby an assignment of rents from an apartment building is notsecured by a dwelling. Comment 2(f)-2. Further, a coveredloan secured by five or more separate dwellings, which are notmultifamily dwellings, in more than one location is not a loansecured by a multifamily dwelling. For example, assume alandlord uses a covered loan to improve five or moredwellings, each with one individual dwelling unit, located indifferent parts of a town, and the loan is secured by thoseproperties. The covered loan is not secured by a multifamilydwelling as defined by § 1003.2(n). Likewise, a covered loansecured by five or more separate dwellings that are locatedwithin a multifamily dwelling, but which is not secured by theentire multifamily dwelling (e.g., an entire apartment buildingor housing complex), is not secured by a multifamily dwellingas defined by § 1003.2(n). For example, assume that aninvestor purchases 10 individual unit condominiums in a 100unit condominium complex using a covered loan. Thecovered loan would not be secured by a multifamily dwellingas defined by § 1003.2(n). Comment 2(n)-3.The following are not dwellings:1.2.3.4.Recreational vehicles, such as boats, campers, traveltrailers, or park model recreational vehicles;Houseboats, floating homes, or mobile homes constructedbefore June 15, 1976;Transitory residences, such as hotels, hospitals, collegedormitories, or recreational vehicle parks; andStructures originally designed as a dwelling but usedexclusively for commercial purposes, such as a homeconverted to a daycare facility or professional office.Comment 2(f)-3.A property that is used for both residential and commercialpurposes, such as a building that has apartment and retailunits, is a dwelling if the property’s primary use is residential.Comment 2(f)-4.A property used for both long-term housing and to provideassisted living or supportive housing services is a dwelling.However, transitory residences used to provide such servicesare not dwellings. Properties used to provide medical care,such as skilled nursing, rehabilitation, or long-term medicalcare, are not dwellings. If a property is used for long-termV–9.5
V. Lending — HMDAhousing, to provide related services (such as assisted living),and to provide medical care, the property is a dwelling if itsprimary use is residential. Comment 2(f)-5.A financial institution may use any reasonable standard todetermine a property’s primary use, such as square footage,income generated, or number of beds or units allocated foreach use. It may select the standard on a case-by-case basis.Comments 2(f)-4 and -5.D. Excluded TransactionsRegulation C does not apply to transactions that arespecifically excluded from coverage. 12 CFR 1003.3(c).Therefore, an excluded transaction is not a covered loan.Regulation C retains and clarifies existing categories oftransactions that are excluded from coverage. It also expandsthe existing exclusion for agricultural loans, and adds newcategories of transactions that are excluded from coverage.The following are excluded transactions:1.A closed-end mortgage loan or an open-end line of creditthat a financial institution originates or purchases in afiduciary capacity, such as a closed-end mortgage loan oran open-end line of credit that a financial institutionoriginates or purchases as a trustee. 12 CFR 1003.3(c)(1);comment 3(c)(1).2.A closed-end mortgage loan or an open-end line of creditsecured by a lien on unimproved land. 12 CFR1003.3(c)(2). Generally, a loan or line of credit must besecured by a dwelling to be a covered loan. Regulation Calso lists closed-end mortgage loans and open-end lines ofcredit secured only by vacant or unimproved land asexcluded transactions. 12 However, a loan or line of creditsecured by a lien on unimproved land is deemed to besecured by a dwelling (and might not be excluded) if thefinancial institution knows, based on information that itreceives from the applicant or borrower at the time theapplication is received or the credit decision is made, thatthe proceeds of that loan or credit line will be used withintwo years after closing or account opening to construct adwelling on, or to purchase a dwelling to be placed on,the land. Comment 3(c)(2)-1.3.A closed-end mortgage loan or an open-end line of creditthat is temporary financing. 12 CFR 1003.3(c)(3). Atransaction is excluded as temporary financing if it isdesigned to be replaced by separate permanent financingextended to the same borrower at a later time. Theseparate permanent financing may be extended by anylender (i.e., by either the lender that extended thetemporary financing or another lender). In addition, a12A dwelling also includes a multifamily residential structure or communitysuch as an apartment, condominium, cooperative building or complex, or amanufactured home community. A loan related to a manufactured homecommunity is secured by a dwelling for purposes of § 1003.2(f) even if it isV–9.64.5.6.7.8.9.construction-only loan or line of credit is consideredtemporary financing and excluded under Regulation C ifthe loan or line of credit is extended to a personexclusively to construct a dwelling for sale. Comments3(c)(3)-1 and -2.The purchase of an interest in a pool of closed-endmortgage loans or open-end lines of credit, such asmortgage-participation certificates, mortgage-backedsecurities, or real estate mortgage investment conduits.12 CFR 1003.3(c)(4); comment 3(c)(4)-1.The purchase solely of the right to service closed-endmortgage loans or open-end lines of credit. 12 CFR1003.3(c)(5).The purchase of a closed-end mortgage loan or an openend line of credit as part of a merger or acquisition or aspart of the acquisition of all of a branch office’s assetsand liabilities. 12 CFR 1003.3(c)(6); comment 3(c)(6)-1.For more information on mergers and acquisitions underRegulation C, see comments 2(g)-3 and -4.A closed-end mortgage loan or an open-end line of credit,or an application for a closed-end mortgage loan or openend line of credit, for which the total dollar amount is lessthan 500. 12 CFR 1003.3(c)(7).The purchase of a partial interest in a closed-endmortgage loan or an open-end line of credit. 12 CFR1003.3(c)(8); comment 3(c)(8)-1.A closed-end mortgage loan or an open-end line of credit
V–9.3. Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). 12 CFR 1003.2(g)(1)(iv). 5. Loan-Volume Thresholds. The bank, savings association, or credit union meets or exceeds either the closed-end mortgage loan or the open-end line of credit loan-volume threshold in each of the two .File Size: 1MB
A fixed-rate mortgage (FRM) is a mortgage in which the rate of interest charged remains unchanged throughout the entire term of the loan. iv. A variable-rate mortgage (VRM) is a mortgage in which the rate of interest charged is subject to change during the term of the loan. v. An adjustable-rate mortgage (ARM) is a mortgage in which the
Our end to end mortgage supporting services improved quality of reviews and mortgage loan purchase time of clie\ nt. Keywords: mortgage back-office support services; mortgage processing support services; outsource mortgage processing services Created Date: 4/12/2018 4:17:49 PM
american pacific mortgage corp pnc bank, n.a. nova financial & investment corp. cbc national bank homestreet bank mortgage solutions of colorado llc bank of england union home mortgage corp branch banking & trust co nvr mortgage swbc mortgage corp pulte mortgage llc sovereign lending group inc rmk financial corp phh home loans, llc nations .
home mortgage interest. It includes discussions on points, mortgage insurance premiums, and how to report deductible interest on your tax re-turn. Generally, home mortgage interest is any in-terest you pay on a loan secured by your home (main home or a second home). The loan may be a mortgage
Hans Illingworth Cobalt Mortgage George Koutsos PMAC Lending Alex Margulis Perl Mortgage Jason Infanti Trident Mortgage Darrin Kresevic First Place Bank Mary Markis Perl Mortgage . Sean Johnson First Home Mortgage Phil Laughlin PMAC L
The second part discusses mortgage 1 Specifically, this regulatory review covered the French national mortgage liquidity, Caisse de Refinancement de l'Habitat (CRH), the Tanzania Mortgage Refinance Company, the Egyptian Mortgage Refinance Company, and the United States' national mortgage liquidity facility, the Federal Home Loan Bank System.
The Home Mortgage Disclosure Act of 1975 ("HMDA"), 12 U.S.C. §§ 2801-09 (1994), was amended in 1989 to require disclosure of information on individual loan applicants. See, e.g., Glenn B. Canner & Dolores S. Smith, Home Mortgage Disclosure Act. Expanded Data on Residential Lending,
bid price mortgage rate household rent affordability bid price mortgage rate bid price mortgage rate household mortgage rate affordability dwelling dwelling dwelling rent affordability affordability own housing bid price mortgage rate household rent resident dwelling residential market rental market own .
