For example, if a financial institution reported an origination of a covered loan that it approved prior to closing, that closed in the name of a third-party, such as a correspondent lender, and that the financial institution purchased after closing, the covered loan was not initially payable to the financial institution. A prequalification request is a request by a prospective loan applicant (other than a request for preapproval) for a preliminary determination on whether the prospective loan applicant would likely qualify for credit under an institution's standards, or for a determination on the amount of credit for which the prospective applicant would likely qualify. For example, if a person purchases a property, occupies the property for a portion of the year, and rents the property for the remainder of the year, the property is a second residence for purposes of 1003.4(a)(6). 2. Section 1003.4(a) requires a financial institution to collect certain information regarding applications for covered loans that it receives and regarding covered loans that it originates. Rate spread - scope of requirement. A financial institution is required to report data regarding requests under a preapproval program (as defined in 1003.2(b)(2)) only if the preapproval request is denied, results in the origination of a home purchase loan, or was approved but not accepted. Information was collected from key people in community development organizations. Recreational vehicles are excluded from the HUD code standards pursuant to 24 CFR 3282.8(g) and are also excluded from the definition of dwelling for purposes of 1003.2(f). How? 1. For example, if a financial institution evaluates an application with the AUS of Securitizer A, subsequently again evaluates the application with Securitizer A's AUS, the financial institution complies with 1003.4(a)(35) by reporting the name of Securitizer A's AUS and the second AUS result. For example, assume an applicant applies to a financial institution to refinance a $100,000 first mortgage; the applicant also has an open-end line of credit for $20,000. Reason for denial - scope of requirement. See comment 2(f)-3. Step 1: Starting with the leftmost character in the ULI, replace each alphabetic character with numbers in accordance with Table I above to obtain all numeric values in the string. If a file was closed for incompleteness, or if an application was withdrawn before a credit decision was made, a financial institution complies with 1003.4(a)(23) by reporting that the requirement is not applicable, even if the financial institution had calculated the ratio of the applicant's total monthly debt to total monthly income (debt-to-income ratio). Such agreements, often referred to as repurchase agreements, are sometimes employed as functional equivalents of warehouse lines of credit. No data collection is required for the calendar year of the merger (even though the merger creates an institution that meets all of the requirements necessary to be a covered institution). If no lock-in agreement is executed, then the relevant date is the date on which the institution sets the rate for the final time before final action is taken. 13. 2. See 1003.4(a) and comment 4(a)-1.ii. Up to 20% of the units may have rents affordable to moderate income households. Multiple properties with more than one property taken as security. (16) The principal reason or reasons the financial institution denied the application, if applicable. Loan or line of credit to construct a dwelling for sale. Merger or acquisition - applicability of partial exemptions during calendar year of merger or acquisition. 1. A manufactured home community that is a multifamily dwelling is not considered a manufactured home for purposes of 1003.4(a)(29). 3. A MESSAGE FROM QUALCOMM Every great tech product that you rely on each day, from the smartphone in your pocket to your music streaming service and navigational system in the car, shares one important thing: part of its innovative design is protected by intellectual property (IP) laws. For example, A and B merge. A. If not, these problem properties could make neighborhoods unclean and unsafe. Multifamily residential structures and communities. Assume the same facts, except that Financial Institution A approved the application, and the applicant chose not to accept the loan from Financial Institution A. Purchased loan. For covered loan originations that an institution acquires from a party that initially received the application, the institution reports either the closing or account opening date, or the date the institution acquired the covered loan from the party that initially received the application. Application date - consistency. Public housing began in this country for civilians during the New Deal and it was an attempt to address a housing shortage; it wasn't a welfare program for poor people. ii. 2. Bridges is a regular review of regional community and economic development issues. The information-collection requirements have been approved by the U.S. Office of Management and Budget (OMB) under 44 U.S.C. If the conditions are solely customary commitment or closing conditions and the conditions are not met, the institution reports the action taken as approved but not accepted. Certain State or Federal regulations may require a financial institution to record its data more frequently than is required under Regulation C. 3. Financial Institution A denied the application without sending it to Financial Institution B for approval. A financial institution complies with 1003.4(a)(10)(ii) by reporting that the requirement is not applicable when reporting a purchased loan for which the institution chooses not to report the age. (e) Covered loan means a closed-end mortgage loan or an open-end line of credit that is not an excluded transaction under 1003.3(c). Covered loan amount - non-federally insured reverse mortgage. However, if the financial institution changes the promised rate to the rate that would have been available to the borrower under the new program on the date of the original rate-lock commitment, then that is the date the rate is set, provided the financial institution consistently follows that practice in all such cases or the original rate-lock agreement so provided. Subscribe to: Changes in Title 12 :: Chapter X :: Part 1003. Financial institution acting in a fiduciary capacity. If the amount of lender credits changes because a financial institution provides a corrected version of the disclosures required under Regulation Z, 12 CFR 1026.19(f), pursuant to 12 CFR 1026.19(f)(2), the financial institution complies with 1003.4(a)(20) by reporting the corrected amount, provided that the corrected disclosure was provided to the borrower prior to the end of the reporting period in which closing occurred. Comment 2(g)-4 discusses a financial institution's responsibilities during the calendar year of a merger. For purposes of 1003.4(a)(11), if a financial institution sells some interest or interests in a covered loan but retains a majority interest in that loan, it does not report the sale. This notice must clearly convey that the institution's HMDA data is available on the Bureau's Web site at www.consumerfinance.gov/hmda. In general, all Section 8 housing must be intended for people with this income level. For purchased covered loans subject to this reporting requirement for which applications were received by the selling entity prior to the effective date of Regulation Z, 12 CFR 1026.19(f), a financial institution complies with 1003.4(a)(19) by reporting that the requirement is not applicable to the transaction. However, there were several examples of discontinuity. However, a loan related to a multifamily residential structure or community that is not a manufactured home community is not secured by a dwelling for purposes of 1003.2(f) if it is not secured by any individual dwelling units and is, for example, instead secured only by property that only includes common areas, or is secured only by an assignment of rents or dues. 5. ), as amended. This is an automated process for A financial institution complies with 1003.4(a)(10)(ii) by reporting that the requirement is not applicable if the applicant or co-applicant is not a natural person (for example, a corporation, partnership, or trust). General. For partially exempt transactions under 1003.3(d), an insured depository institution or insured credit union is not required to report the principal reason or reasons it denied an application. A financial institution reports that the file was closed for incompleteness if the financial institution sent a written notice of incompleteness under Regulation B, 12 CFR 1002.9(c)(2), and the applicant did not respond to the request for additional information within the period of time specified in the notice before the applicant satisfies all underwriting or creditworthiness conditions. Prequalification. Postal Service official State abbreviations. (c) Excluded transactions. Financial Institution A reports 58,000 covered loans and applications, combined, excluding purchased covered loans, for 2019. Regardless, a financial institution reports the purchasing entity type as a mortgage company, unless the mortgage company is an affiliate of the seller institution, in which case the seller institution should report the loan as purchased by an affiliate institution. Kimberly McKinney, executive director of the St. Louis affiliate of Habitat for Humanity, offered comments based on her more than 20 years in the field. Covered loan amount - home improvement loan. For fixed-rate covered loans, the term for identifying the comparable transaction is the transaction's maturity (i.e., the period until the last payment will be due under the closed-end mortgage loan contract or open-end line of credit agreement). The government's efforts were "primarily designed to provide housing to white, middle-class, lower-middle-class families," he says. The business-purpose transaction is an open-end line of credit under Regulation C, provided the other requirements of 1003.2(o) are met. A financial institution shall collect data regarding requests under a preapproval program, as defined in 1003.2(b)(2), only if the preapproval request is denied, is approved by the financial institution but not accepted by the applicant, or results in the origination of a home purchase loan. An applicant may select an ethnicity or race subcategory even if the applicant does not select an aggregate ethnicity or aggregate race category. For example, assume that an applicant submitted an application to Financial Institution A, and Financial Institution A made the credit decision acting as Financial Institution B's agent under State law. And those maps were color-coded by first the Home Owners Loan Corp. and then the Federal Housing Administration and then adopted by the Veterans Administration, and these color codes were designed to indicate where it was safe to insure mortgages. For all purposes under Regulation C, if an MSA is divided by OMB into MDs, the appropriate geographic unit to be used is the MD; if an MSA is not so divided by OMB into MDs, the appropriate geographic unit to be used is the MSA. Assume two institutions that are eligible for the partial exemption for closed-end mortgage loans merge and the surviving or newly formed institution does not meet the requirements for the partial exemption. If the financial institution sells the covered loan in a subsequent quarter of the same calendar year, the financial institution records the type of purchaser on its loan/application register for the quarter in which the covered loan was sold. The department's areas of focus are child protection, housing, disability, the prevention of family violence, multicultural affairs, LGBTQI+ equality, veterans, women and youth. When reporting an application, a financial institution complies with 1003.4(a)(9)(ii)(B) by reporting that the requirement is not applicable if the county in which the property is located was not known before the application was denied, withdrawn, or closed for incompleteness. 3. 2. ii. In such cases where no subsequent disclosures are provided, a financial institution complies with 1003.4(a)(12)(i) by relying on the annual percentage rate for the application or preapproval request, as calculated and disclosed pursuant to Regulation Z, 12 CFR 1026.18 or 1026.37 (for closed-end mortgage loans), or 1026.40 (for open-end lines of credit), as applicable. When an applicant provides the requested information for some but not all fields, you report the information that was provided by the applicant, whether partial or complete. If a covered loan is not, or an application is not for, a home purchase loan, a home improvement loan, a refinancing, or a cash-out refinancing, a financial institution complies with 1003.4(a)(3) by reporting the covered loan or application as for a purpose other than home purchase, home improvement, refinancing, or cash-out refinancing. In this example, the financial institution would report the covered loan as a refinancing for purposes of 1003.4(a)(3). 4. Likewise, in 2021, Financial Institution A does not meet the loan-volume test described in 1003.2(g)(1)(v)(A) if it originated fewer than 100 closed-end mortgage loans during either 2019 or 2020. Non-monthly introductory periods. A financial institution shall collect data regarding applications for covered loans that it receives, covered loans that it originates, and covered loans that it purchases for each calendar year. A financial institution may make the written notice required under 1003.5(b)(2) available in paper or electronic form. Financial Institution B reports the origination. The program will feature the breadth, power and journalism of rotating Fox News anchors, reporters and producers. 4. Assume a financial institution does not consider an application for a covered loan to be a cash-out refinancing under its own guidelines because the amount of cash received by the borrower does not exceed a certain threshold. When a financial institution sells a covered loan to a bank holding company or thrift holding company (rather than to one of its subsidiaries), it should report the loan as purchased by other type of purchaser, unless the bank holding company or thrift holding company is an affiliate of the seller institution, in which case the seller institution should report the loan as purchased by an affiliate institution. A financial institution relies on the ratio of the applicant's or borrower's total monthly debt to total monthly income (debt-to-income ratio) in making the credit decision if the debt-to-income ratio was a factor in the credit decision even if it was not a dispositive factor. For covered loans or applications subject to the integrated mortgage disclosure requirements of Regulation Z, 12 CFR 1026.19(e) and (f), a financial institution complies with 1003.4(a)(21) by reporting the interest rate disclosed on the applicable disclosure. 6. For example, if an applicant selects the Asian box the institution reports Asian for the race of the applicant. It was never based on any reality. iii. 2. Type of purchaser - not applicable. Action taken - file closed for incompleteness. Determining lien status for applications and covered loans originated and purchased. Similarly, assume a financial institution makes a counteroffer, the applicant agrees to proceed with consideration of the counteroffer, and the financial institution provides a conditional approval stating the conditions to be met to originate the counteroffer. 1. 10. In general, extension of credit under 1003.2(d) refers to the granting of credit only pursuant to a new debt obligation. result, it may not include the most recent changes applied to the CFR. Other loan pricing terms may include commonly used indices, margins, and initial fixed-rate periods for variable-rate transactions. For a preapproval request that was denied, and for an application that was denied, closed for incompleteness, or withdrawn, a financial institution reports the amount for which the applicant applied. Section 1003.3(c)(9) provides that an institution does not report a closed-end mortgage loan or an open-end line of credit used primarily for agricultural purposes. See also comment 2(j)-3. v. Lender A originates a loan with a nine-month term to enable an investor to purchase a home, renovate it, and re-sell it before the term expires. (p) Refinancing means a closed-end mortgage loan or an open-end line of credit in which a new, dwelling-secured debt obligation satisfies and replaces an existing, dwelling-secured debt obligation by the same borrower. the hierarchy of the document. Microsoft Edge, Google Chrome, Mozilla Firefox, or Safari. A financial institution complies by reporting the name of the city in which the property is located. A construction-only loan or line of credit is considered temporary financing and excluded under 1003.3(c)(3) if the loan or line of credit is extended to a person exclusively to construct a dwelling for sale. 2(m) Metropolitan Statistical Area (MD) or Metropolitan Division (MD). For example, if the applicant selects both aggregate ethnicity categories and also selects all four ethnicity subcategories, you must report Hispanic or Latino, Not Hispanic or Latino, and any three, at your option, of the four ethnicity subcategories selected by the applicant. 1. A covered loan was originated and the obligation arising from a covered loan was initially payable to Financial Institution. If a loan primarily is for a business or commercial purpose but is not a home purchase loan, home improvement loan, or a refinancing, the loan is an excluded transaction under 1003.3(c)(10). Commercial and other loans. But African-American wealth is about 5 percent of white wealth. The institution that is not covered is the surviving institution, or a new institution that is not covered is formed. Income data - income relied on. An authorized representative of the financial institution with knowledge of the data submitted shall certify to the accuracy and completeness of data submitted pursuant to this paragraph (a)(1)(i). In addition to conditions involving the identification of a suitable property and verification that no material change has occurred in the applicant's financial condition or creditworthiness, the written commitment may be subject only to other conditions (unrelated to the financial condition or creditworthiness of the applicant) that the lender ordinarily attaches to a traditional home mortgage application approval. iii. ii. 7. iv. For a refinancing, a financial institution reports the amount of credit extended under the terms of the new debt obligation. For purposes of 1003.4(a)(17)(i), the date the corrected disclosure was provided to the borrower is the date disclosed pursuant to Regulation Z, 12 CFR 1026.38(a)(3)(i). Originations. 4. And so the federal government began a program of building public housing for whites only in cities across the country. Section 1003.4(a)(10)(iii) requires a financial institution to report the gross annual income relied on in processing the application if a credit decision was not made. The purchase of an interest in a pool of loans or lines of credit includes, for example, mortgage-participation certificates, mortgage-backed securities, or real estate mortgage investment conduits. A loan related to a manufactured home community is secured by a dwelling for purposes of 1003.2(f) even if it is not secured by any individual manufactured homes, but only by the land that constitutes the manufactured home community including sites for manufactured homes. 4. For example, A and B merge. A financial institution that obtains the required data, such as property-location information, from third parties is responsible for ensuring that the information reported pursuant to 1003.5 is correct. For example, assume that an insured depository institution or insured credit union originates a partially exempt reverse mortgage. Purchased covered loans. If the total amount of borrower-paid origination charges changes because a financial institution provides a corrected version of the disclosures required under Regulation Z, 12 CFR 1026.19(f), pursuant to 12 CFR 1026.19(f)(2), the financial institution complies with 1003.4(a)(18) by reporting the corrected amount, provided that the corrected disclosure was provided to the borrower prior to the end of the reporting period in which closing occurs. 1. Transition rule for applicant data collected prior to January 1, 2018. Transactions for which no credit decision was made. Application or preapproval request approved but not accepted. 2004-06-00. General. x\[oH~"L`;^x})OO}MRvl&@l"Yui,omBv|\em^\S-D|8?}:.gz._Wo_H!j\!H' EN;bq; o317?AMam3bn48IjY# ,Tg e2VFIisd(rl]vS|-:s>:aGH{2vB|;?t9? Such a transaction is not temporary financing under 1003.3(c)(3) merely because its term is short. If the applicant provides only a particular Hispanic or Latino ethnicity in the space provided, you are permitted, but are not required, to report Other Hispanic or Latino in addition to reporting the particular Hispanic or Latino ethnicity provided by the applicant. For example, if a file is closed for incompleteness and is so reported in accordance with 1003.4(a)(8), the financial institution complies with 1003.4(a)(28) by reporting that the requirement is not applicable, even if the financial institution had obtained a property value. If a financial institution obtains two or more AUS results at the same time and the principles in comment 4(a)(35)-3.i through .iii do not apply, the financial institution complies with 1003.4(a)(35) by reporting the name of all of the AUSs used by the financial institution to evaluate the application and the results generated by each of those systems. (23) Except for purchased covered loans, the ratio of the applicant's or borrower's total monthly debt to the total monthly income relied on in making the credit decision. Action taken - repurchased covered loans. See comments 4(a)-2 through -4 for guidance about the activities that constitute an origination. Assumptions. iii. For purposes of 1003.4(a)(5), the term also includes a multifamily dwelling that is a manufactured home community. Section 1003.2(p) provides that, even if all of the other requirements of 1003.2(p) are met, a closed-end mortgage loan or an open-end line of credit is not a refinancing unless the same borrower undertakes both the existing and the new obligation(s). The illustrations assume that all of the parties are financial institutions as defined by 1003.2(g). For example, where a financial institution provides a corrected version of the disclosures required under 12 CFR 1026.19(f), pursuant to 12 CFR 1026.19(f)(2), the date provided is the date disclosed pursuant to Regulation Z, 12 CFR 1026.38(a)(3)(i). However, the financial institution reports the revised amount of total points and fees on its annual loan/application register. Lender A extends credit in the form of a bridge or swing loan to finance a borrower's down payment on a home purchase. 5. Step 4: Subtract the result in step 3 from 98. Rothstein says these decades-old housing policies have had a lasting effect on American society. On the other hand, if only borrower A is obligated on obligation X, and only borrower B is obligated on obligation Y, then obligation Y is not a refinancing under 1003.2(p). 1. (2) No later than three business days after receiving notice from the FFIEC that a financial institution's disclosure statement is available, the financial institution shall make available to the public upon request at its home office, and each branch office physically located in each MSA and each MD, a written notice that clearly conveys that the institution's disclosure statement may be obtained on the Bureau's Web site at www.consumerfinance.gov/hmda. A financial institution reports that the requirement is not applicable for applications that were denied, withdrawn, closed for incompleteness or approved but not accepted by the applicant; and for preapproval requests that were denied or approved but not accepted by the applicant. Modular homes are not required to have HUD Certification Labels under 24 CFR 3280.11 or data plates under 24 CFR 3280.5. To be a preapproval program as defined in 1003.2(b)(2), the written commitment issued under the program must result from a comprehensive review of the creditworthiness of the applicant, including such verification of income, resources, and other matters as is typically done by the institution as part of its normal credit evaluation program. 8. A financial institution, which is also a securitizer, that uses its own AUS, as defined in 1003.4(a)(35)(ii), to evaluate an application, must report the name of the AUS it used to evaluate the application and the result generated by that system, regardless of whether the financial institution intends to hold the covered loan it originates in its portfolio, purchase the covered loan, or securitize the covered loan. (i) For covered loans and applications that are approved but not accepted, and that are subject to Regulation Z, 12 CFR part 1026, other than assumptions, purchased covered loans, and reverse mortgages, the difference between the covered loan's annual percentage rate and the average prime offer rate for a comparable transaction as of the date the interest rate is set. For example, some transactions completed pursuant to installment sales contracts, such as some land contracts, depending on the facts and circumstances, may or may not involve extensions of credit rendering the transactions closed-end mortgage loans. i. If a New York CEMA that consolidates an excluded preliminary transaction is carried out in a transaction involving an assumption, the financial institution reports the New York CEMA and does not report the preliminary transaction separately. When a covered loan's term to maturity (or, for a variable-rate transaction, the initial fixed-rate period) is not in whole years, the financial institution uses the number of whole years closest to the actual loan term or, if the actual loan term is exactly halfway between two whole years, by using the shorter loan term. Section 1003.3(d)(2) provides that, except as provided in 1003.3(d)(6), an insured depository institution or insured credit union that, in each of the two preceding calendar years, originated fewer than 500 closed-end mortgage loans that are not excluded from this part pursuant to 1003.3(c)(1) through (10) or (c)(13) is not required to collect, record, or report optional data as defined in 1003.3(d)(1)(iii) for applications for closed-end mortgage loans that it receives, closed-end mortgage loans that it originates, and closed-end mortgage loans that it purchases. Lender credits - scope of requirement. 1. 4. However, the institute's report also stated that "despite the construction and population gains, doubts remain that this trend can continue.". As stated previously, community based organizations often lack funding for administrative costs, such as staff salaries and benefits, office space and marketing. Modular homes and prefabricated components. A financial institution complies with 1003.4(a)(9)(ii)(C) if it uses the boundaries and codes in effect on January 1 of the calendar year covered by the loan/application register that it is reporting. If the site of a manufactured home has not been identified, a financial institution complies by reporting that the information required by 1003.4(a)(9) is not applicable. Appendix B to Part 1003 - Form and Instructions for Data Collection on Ethnicity, Race, and Sex, Appendix C to Part 1003 - Procedures for Generating a Check Digit and Validating a ULI, Supplement I to Part 1003 - Official Interpretations. 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