From left: Garth Griese, president/CEO, Service One CU, Bowling Green, Ky.; Laura Phillips, director of mortgage services, Alabama Teachers CU, Gadsden, Ala.; Jim Ryan, president/CEO, JM Associates FCU, Jacksonville, Fla.; Bob Aresti, president/CEO, 360 FCU, Windsor Locks, Conn.; Jane Hammil, president/CEO, Wichita (Kan.) FCU; and Dallas Bergl, president/CEO, INOVA FCU, Elkhart, Ind., and CUNA board member. (CUNA photo)
WASHINGTON (3/10/14)--Six credit union executives were among the 21 Small Business Regulatory Enforcement Fairness Act (SBREFA) panel members who convened last week to discuss proposals the Consumer Financial Protection Bureau has made under its Home Mortgage Disclosure Act (HMDA) rulemaking authority.
Credit Union National Association staff were also in attendance.
The 1975 Home Mortgage Disclosure Act (HMDA) requires credit unions and all lending institutions to report public loan data. While implementation authority rested originally with the Federal Reserve Board, that power was transferred to the CFPB in July of 2011.
Among the matters discussed at the SBREFA meeting Thursday were additional data points that are currently being considered for HMDA reporting. They include:
- Loan term;
- ARM introductory period;
- Nonamortizing features (balloon, interest-only, negative amortization);
- Property value;
- Security type (real or personal property);
- Manufactured property interest (own, cooperative, leasehold);
- Total units;
- Multifamily affordable housing;
- Automated underwriting system results;
- Loan originator ID;
- Application channel (retail or wholesale);
- Credit score;
- Denial reasons;
- Total points and fees;
- Total origination charges;
- Discount points;
- Risk-adjusted interest rate;
- Interest rate;
- Prepayment penalty term;
- Debt-to-income ratio;
- Combined loan-to-value ratio;
- Qualified mortgage status flag;
- Reverse mortgage flag; and,
- A home equity line of redit (HELOC) flag.