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2011 HMDA requirements outlined by NCUA
ALEXANDRIA, Va. (2/16/11)—The National Credit Union Administration (NCUA) in its Regulatory Alert No. 11-RA-02 is reminding credit unions that engage in residential mortgage lending of their 2011 reporting obligations under the Home Mortgage Disclosure Act (HMDA). Credit unions with over $40 million in assets that have originated or refinanced one or more mortgages secured by a first lien and have a home or branch office in defined metropolitan statistical areas will be subject to HMDA in 2011, the NCUA said. All other credit unions will be exempt from HMDA reporting requirements, the agency added. All 2011 information must be reported to the Federal Reserve no later than March 1, 2012. The Fed will examine this data to determine whether financial institutions are complying with fair lending laws. The Credit Union National Association (CUNA) last year recommended that the Fed take a "bright line" approach to HMDA reporting, limiting the need for HMDA reports to situations in which there is a lien on a given home. CUNA also suggested that HMDA requirements only be applied to the largest mortgage lenders that make the vast majority of mortgage loans. The Fed is currently considering whether some portions of its HMDA regulations should be altered. For the full NCUA regulatory alert, use the resource link.
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