By Cody Roberts, CRCM
On February 21, 2018, the Federal Financial Institutions Examination Council (FFIEC) issued the newest version of The Guide to HMDA Reporting: Getting It Right! (Guide).The previous version was dated April 2013. You can get the 327-page PDF version of the Guide.
This version of the Guide takes into account the Home Mortgage Disclosure Act (HMDA) rules from October 2015 that are effective January 1, 2018. These changes can be found in the 213 Federal Register pages in PDF format.
In summary, the October 2015 changes modified:
- Institutional and Transactional Coverage
- Reportable Data Requirements
- Disclosure and Reporting Requirements
The Guide also incorporates compliance tools prepared by the CFPB, including but not limited to the Small Entity Compliance Guide, charts for institutional and transactional coverage, and guidance relating to data collection.
Please keep in mind that the Guide is a supplementary document that doesn’t take the place of the regulation or the Filing Instructions Guide, which remain the gospel for HMDA reporting. You can find the 2017 and 2018 data versions of this publication here:
ABS is here to assist with your compliance needs! Contact us at (405) 607-7000.