You may have seen that the CFPB updated its HMDA Data Regulatory and Reporting Reference Chart for 2019. Changes and additions were made to reflect the updated reporting codes for the Credit Score models and Automated Underwriting System (AUS) results. Additional clarifying information was provided on those fields and a few others as well, such as:
- Report “Credit Score is not a number” (Code 7777) if your inquiry results in, for example, a “Meets Threshold” score. You should not use Code 7777 if a credit score just cannot be determined.
- Some of the credit scoring models may be referred to under different names. For example, Equifax Beacon 5.0 (Code 1) may also be known as FICO Score 5.
- If you use Freddie Mac and receive more than one result on the Feedback Certificate, report the Risk Class result.
- The HMDA Platform can accept up to 15 decimal places for both the Combined Loan-to-Value and Debt-to-Income ratios.
- A negative Debt-to-Income ratio can be reported.
In light of these revisions, we’ve also made some updates to our HMDA Data Guide. Version 3.1 is now available in our Free Lending Tools.
We also have some training opportunities coming up in March that will help you get your HMDA data as accurate as possible. Be sure to register for HMDA Demographic Information Collection (March 7th), HMDA Data for Large Filers (March 14th) and HMDA Data for Small Filers (March 28th).