The Home Mortgage Disclosure Act (HMDA)

The Home Mortgage Disclosure Act (HMDA) was passed in 1975 requiring financial institutions to report and publicly disclose information about Home Mortgage Disclosure Act (HMDA)loans secured by a dwelling.  This data is important to show whether lenders are serving the housing needs of their communities and to help identify discriminatory lending practices.  HMDA is one of the primary tools used by examiners to measure Fair Lending compliance.

HMDA 2018

The HMDA rules have been amended many times including most notably the changes from the 2015 HMDA rule required by the Dodd-Frank Act.  The 2015 HMDA rule made changes to the institutions subject to HMDA, the types of reportable transactions, the data required to be reported, and the process for reporting HMDA data.  Most of the provisions went into effect on January 1, 2018.  The most recent change was the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), which was signed into law on May 24, 2018.  The rule clarified that some financial institutions are covered by a partial exemption under the HMDA rules and exempt from reporting some data points.  In plain English, this created the small filer exemption.

 

External HMDA Resources:

 

BCC HMDA Training Resources: