On April 13, 2023, the OCC announced that the Federal Financial Institutions Examination Council (FFIEC) had issued the 2023 edition of A Guide to HMDA Reporting: Getting It Right! for Home Mortgage Disclosure Act (HMDA)-related data collected in 2023 and reported in 2024. 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 2023 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 2023 edition of the Getting It Right guide, which applies to data that HMDA requires covered institutions to collect in 2023 and report to supervisory agencies by March 1, 2024.
The 2023 guide reflects a technical amendment to the 2020 HMDA rule to adjust the loan volume thresholds effective January 1, 2023,2 for reporting HMDA data on closed-end mortgage loans.
Effective January 1, 2023, a financial institution is not subject to Regulation C unless it originated at least 25 covered closed-end mortgage loans in each of the two preceding calendar years or at least 200 covered open-end lines of credit in each of the two preceding calendar years, and it meets other applicable coverage requirements.
The HMDA Getting it Right Guide can be found here.