On 3/31/2021, the FDIC announced that the Federal Financial Institutions Examination Council (FFIEC) had issued the 2021 edition of A Guide to HMDA Reporting: Getting It Right! for Home Mortgage Disclosure Act (HMDA)-related data collected in 2021 and reported in 2022. This longstanding compliance resource has regularly been used by financial institutions as a “go-to” HMDA resource as it can help financial institutions better understand HMDA requirements, including the data collection and reporting provisions.
Highlights of the 2021 Getting it Right Guide include:
The FFIEC’s A Guide to HMDA Reporting: Getting It Right! summarizes key provisions of HMDA and its implementing regulation, Regulation C. The FFIEC is issuing the 2021 edition of the Getting It Right guide, which applies to data that HMDA requires covered institutions to collect in 2021 and report to supervisory agencies by March 1, 2022.
The 2021 edition reflects amendments to Regulation C made by a final rule that the Consumer Financial Protection Bureau published on May 12, 2020.
Effective July 1, 2020, the coverage threshold for reporting data on closed-end mortgage loans increased from at least 25 to at least 100 closed-end mortgage loans in each of the two preceding calendar years.
The HMDA Getting it Right Guide can be found here.